Madison Industries completed the acquisition of Nortek Air Management from Melrose Industries for $3.6bn.

Madison Industries, a provider of metal products and structures, completed the acquisition of Nortek Air Management, a HVAC solutions provider, from Melrose Industries, a British manufacturing company that specialises in buying and improving underperforming businesses, for $3.6bn. "The disposal demonstrates the strength of the Melrose strategy. We bought Nortek, an underperforming group, which we felt had outstanding potential in 2016 for $2.8bn. We have seen approximately $1bn of cash inflows from the Nortek group during our ownership, effectively giving us an in-price of $1.8bn. The businesses being sold today for $3.6bn represent 73%, by revenue, of the Nortek group and the returns are excellent. Our Ergotron and Nortek Control businesses which also form part of the Nortek group remain under our ownership and will be realised at an appropriate time," Justin Dowley, Melrose Chairman.