Murray offloads Apollo Metals to German buyer

EDINBURGH business tycoon Sir David Murray has offloaded his Apollo Metals arm to German giant ThyssenKrupp Services for an undisclosed fee.

The sale of the division, part of the metals portfolio within Sir David's sprawling Murray International Holdings empire, is expected to be completed before the end of the year and requires competition regulators' approval.

Graeme Hill, chief executive of Murray Metals Group (MMG), said the sale would offer a fair return to shareholders while providing financial firepower to expand other aspects of the group. Since selling his core Murray International Metals (MIM) to US private equity group Jefferies Capital Partners for £112 million in late 2005, MMG has snapped up four metals-related businesses, which Mr Hill said was testimony to the group's "ambitious reinvestment strategy".

"The Murray Metals Group strategy is to build our operations and portfolio of interests and develop each business, with an emphasis on growing value," he said.

MMG, with a combined turnover in excess of £37m, is part of MIH, which employs 4000 people across a range of business interests.