BRITISH investment company Melrose Industries has bulked up its portfolio with Elster Gas’ purchase of US manufacturer Eclipse for $158m (£97m).
Eclipse recorded sales of $126m for the year ended March 31, and Elster said the company’s “long established expertise in low-temperature industrial gas combustion complements [its] expertise in high-temperature industrial gas combustion applicatioens in Europe”.
Melrose bought Elster in 2012 for £1.4bn, and at the time Simon Peckham, its chief executive, said the German utility meter-maker showed “potential for significant development and improvement”.
Peckham said Melrose was “excited about the opportunity to merge Eclipse with Elster Gas”. He added: “Together, the two businesses will be able to provide customers with a more comprehensive offering, comprising a complete range of gas combustion solutions.”