1st Aug 2006 07:29
Disposal of the Kent DivisionFollowing the announcement made on 20 July 2006, Premier Farnell plc announcesthat it has now completed the sale of Kent, its specialist automotiveconsumables business, to Barnes Group Inc. for a consideration, before costs ofdisposal, of approximately ‚£22 million (on a cash and debt free basis). For theyear ending January 2006 Kent had a turnover of approximately ‚£40m and itsoperating profit accounted for less than 3% of the Premier Farnell groupunderlying operating profit for the year.Harriet Green, Premier Farnell's, Group Chief Executive said,"I am pleased to announce the sale of the Kent business to Barnes Group.The sale of Kent is the right strategic move for Premier Farnell. As ourbusinesses have continued to evolve over recent years, some market dynamicshave changed. For Kent and its employees to continue to grow, the businesseither required increased levels of investment or to be part of a group withother businesses within the automotive distribution market. For PremierFarnell, the sale will allow us to increase focus on our existing businesses." - ENDS - Enquiries:Caroline WalkerGroup CommunicationsPremier Farnell plc +44 (0) 870 129 8608Steven WebbCompany Secretary and General CounselPremier Farnell plc +44 (0) 870 129 8608Notes to Editors:-Kent supplies adhesives, sealants, specialist cleaning chemicals, abrasives,tools and other consumables to the European automotive and industrialmaintenance marketsBarnes Group Inc., whose shares are listed on the New York Stock Exchange, is adiversified multinational manufacturer and distributor.ENDPREMIER FARNELL PLCRelated Shares:
PFL.L