GKN owner Melrose starts unit sale as annual profit plummets
Melrose Industries said on Thursday it had begun processing the sale of its Nortek air-conditioning division as the company posted a steep fall in annual profit.
The company, which owns jet and car parts supplier GKN, said Nortek is trading “very strongly” and that there was no guarantee a sale would take place.
Melrose’s adjusted operating profit came in at £340m in 2020, compared with £1.1bn a year earlier.
Adjusted revenue hit £9.3bn for the year, a steep fall from the £11.6bn figure posted in 2019.