A Yorkshire manufacturer which can trace its roots back to 1789 has been sold in a £365m deal.
Melrose Industries has signed an agreement for the disposal of Doncaster-based Bridon to the Ontario Teachers’ Pension Plan.
Bridon manufactures wire and ropes for the construction, mining and energy sectors.
It was founded in 1924 from an amalgamation of wire rope producers, the earliest of which dates back to the late 18th century.
The total of £365m is payable in cash on completion.
Simon Peckham, chief executive of Melrose, said: “Bridon is an excellent example of the Melrose ‘buy, improve, sell’ model at work. It demonstrates our ability to create substantial value for shareholders by investing heavily in our businesses and improving operational performance.”
As part of the transaction, Melrose will contribute £6.7m into the Bridon Group (2013) Pension Scheme, which will remain with Bridon on disposal.
Melrose, a specialist manufacturing investor listed on the London Stock Exchange, acquired Bridon in 2008.