(Reuters) - British jet and auto parts supplier Melrose Industries Plc agreed on Monday to sell its Ergotron unit, maker of ergonomic desks and office accessories, for $650 million as it offloads the last remaining business from its 2016 Nortek deal.
The London-listed company expects the sale of the division to funds managed by U.S.-based the Sterling Group to complete by the third-quarter of this year.
"The sale of Ergotron is the final step in our Nortek ownership cycle, capping what has been a very successful acquisition for Melrose shareholders," Chief Executive Officer Simon Peckham said in a statement.
The British engineer, which specialises in acquiring and turning around underperforming businesses before selling them on, said following the sale, it will have more than doubled shareholders' initial investment in Nortek.
Melrose sold Nortek Air Management and Nortek Control businesses last year. Ergotron was the last remaining business from its 2.2 billion pound ($2.76 billion) Nortek acquisition.
($1 = 0.7983 pounds)
(Reporting by Amna Karimi in Bengaluru; Editing by Rashmi Aich)