15th Oct 2013 08:39
LONDON (Alliance News) - European specialist electronics supplier, Acal PLC Tuesday said that it is selling its European supply chain IT parts business fro GBP3.7 million.
Acal said that it has agreed to sell its German-based IT parts distribution business, to a company in which the European Parts Business' management team is participating.
It said that for the year ended March 31, the European Parts Business reported revenues of GBP19.2 million, and generated a pretax profits of GBP0.7 million.
Acal said that the disposal of this non-core business, reflects its continued strategy of building a specialist industrial electronics group, and follows on from the disposal in January this year of its UK Parts Business. The company said that it will used the sale proceeds from the disposal for future investment or acquisitions by its core electronics division.
"The proposed disposal of the European IT parts business is another step in our stated strategy of focusing on the specialist industrial electronics market and provides additional resources to invest in this area," said Chief Executive Officer Nick Jefferies in a statement.
Acal shares were up 0.3%, trading at 285.00 pence per share Tuesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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