20th Jul 2006 07:28
Premier Farnell plc 20 July 2006 Disposal of the KENT Division Premier Farnell plc (the "Company") announces that it has today reachedagreement to sell KENT, its specialist automotive consumables business, toBarnes Group Inc. for a consideration, before costs of disposal, ofapproximately ‚£22 million (on a cash and debt free basis). The consideration ispayable in cash on completion. For the year ending January 2006 KENT had aturnover of approximately ‚£40m and its operating profit accounted for less than3% of the Premier Farnell group underlying operating profit for the year.KENT supplies adhesives, sealants, specialist cleaning chemicals, abrasives,tools and other consumables to the European automotive and industrialmaintenance markets. Barnes Group Inc., whose shares are listed on the New YorkStock Exchange, is a diversified multinational manufacturer and distributor.The sale is scheduled for completion shortly after the Company's half year endon 30 July 2006. - ENDS - Enquiries:James MasonHead of Investor RelationsPremier Farnell plc +44 (0) 20 7851 4100Steven WebbCompany Secretary and General CounselPremier Farnell plc +44 (0) 870 129 8608ENDPREMIER FARNELL PLCRelated Shares:
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