Warwickshire-based manufacturing acquisition specialist Melrose has confirmed it is in the early stages of a deal to dispose of two of its USA-based assets.

It is understood that Melrose, which has its HQ in Alcester, is investigating the possibility of selling its Crosby and Acco businesses.

Crosby is based in the USA but has a factory in Cradley Heath. It makes lifting fittings and blocks for the oil and gas, engineering, mining and construction sectors. It has a price tag of £590million.

Acco is a manufacturer of cranes and hoists and is based in Pennsylvania in the USA.

The firm said in a statement: "Melrose confirms that it is in the very early stages of considering the possible sale of Crosby, and also Acco, as part of Melrose’s established model to buy good manufacturing businesses, improve performance and realise value, often within a three to five-year time frame."