Manufacturing buyout firm Melrose has revealed its sales for the third quarter rose by 12 per cent as demand strengthened outside Europe.
Alcester-based Melrose (MRO), which recently walked away from a bid for toolmaker Charter International, said slower growth in Europe was being offset by strength in its businesses in North America and rest of the world.
Melrose, which had circled Charter for months only to be beaten by a higher offer from U.S. company Colfax, said it was currently trading in line with its expectations and would continue looking at acquisition opportunities in the current economic environment.
Melrose, which also has operations in Asia and the Middle East, said in a statement that trading conditions remained uncertain.
It said: “Although the economic situation has deteriorated over the past three months and remains highly uncertain, trading in our businesses remains broadly unaffected.”
In September, Melrose decided not to make an offer for Charter, a maker of welding tools and gas and air handling equipment, after its sweetened offer was trumped by Colfax’s £1.53 billion bid.