Highlights
Management action produced strong Elster profit improvement
Brush is performing broadly in line with earlier indications in a tough market
Melrose net debt at the half year was £742 million, representing a leverage of 2.7x
The Board has declared an interim dividend of 2.8p (2014: 2.8p) to be paid on 3 September 2015
Proposed sale of Elster to Honeywell for £3.3 billion, a multiple of 3.1x 2014 revenue and 14.3x 2014 headline EBITDA
The current intention is to return over £2 billion to shareholders following the sale
In addition £0.9 billion of pension liabilities, with an accounting deficit of £134 million, which include the Group's FKI UK and McKechnie UK defined benefit pension plans, will be transferred to Honeywell with the sale of Elster
