TT electronics to sell BAS Component business

The BAS Components business comprises the entire share capital of BAS Components Ltd, based in Pembroke in the UK and BAS Components Inc., a sales office based in Ohio, USA. The consideration for the sale of GBP 4.4m has been received in cash. The consideration is subject to an adjustment following completion to the extent that the value of the total net assets delivered is less than GBP 3.5m. The proceeds of the disposal will be used to reduce group borrowings. PSM International Holdings Limited is an investment company holding the PSM International group of companies whose business includes the supply of fastening solutions to customers in the automotive, mobile phone and general industrial markets. Commenting on the disposal, Group Chief Executive, Geraint Anderson said: "Following the recent announcement of the sale of WT Henley, I am pleased to report further progress in our strategic objective to realise value from the businesses within our General Industrial division. The disposal announced today represents the fifth sale completed during the current year. Taken together, these disposals have generated approximately £22m in cash during 2010 and further focus the Group on its core activities."