Murray sells specialist metals arm Apollo

MURRAY International Holdings (MIH), the business conglomerate run by Rangers chairman Sir David Murray, is to sell its subsidiary Apollo Metals to Dusseldorf-based ThyssenKrupp Services for an undisclosed sum.

Apollo provides high-grade products such as aluminium, stainless steel and non-ferrous metals for aerospace manufacturers and their supply chains.

Graeme Hill, chief executive of the Murray Metals Group (MMG) division, said the sale would offer a "fair return for all stakeholders" and enable further expansion of various businesses and markets.

Hill said that the earlier acquisitions of four companies within MMG, following MIH's disposal of Murray International Metals in 2005, was testimony to the group's "ambitious ongoing re-investment strategy".

"Proceeds will be used to fund further investment and continued expansion," he confirmed.

Earlier this month, Murray General Steels, a division of MMG, announced the acquisition of Middlesbrough-based general steel business Parson & Crosland for an undisclosed amount.

Hill added: "Our strategy is to build our operations and portfolio of interests and develop each business, with an emphasis on growing value. We also believe Apollo's strategic development will be better served by this [sale]."

The sale will combine Apollo's predominantly European and Far Eastern businesses with ThyssenKrupp Services' US-based operations to form a global enterprise comprising 30 locations in 13 countries and a turnover in excess of $700 million (£341m).

MIH, which employs some 4,000 people across the world, last month reported a surge in profits to £39.7m. The group has interests in metals, property, private equity, outsourced services and football. The MMG arm has a combined turnover in excess of £370m.