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Electronics Production | March 21, 2007

Farnell sells US tool & supply business

Premier Farnell plc has reached agreement to sell BuckHickman InOne to The BSS Group plc for a total consideration of approximately £27 million (on a cash and debt free basis).
The consideration is payable in cash on completion. It is Premier Farnell's intention to apply the proceeds against current indebtedness. The transaction is being implemented through an asset sale and is expected to close within 4 weeks, following a period of consultation with the employees of BuckHickman.

This transaction represents an important continuation of Premier Farnell's strategy to focus on the faster growing Electronic Design Engineer market.

BuckHickman is a UK distributor of industrial tools and supplies. For the financial year ending 28 January 2007, the Business reported sales of £99.8 million and operating losses before interest and tax of £0.8 million.

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