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1 Feb 2011 07:15
Disposal of TPC Wire & Cable and Directorate Change
Premier Farnell plc ("Premier Farnell" or the "Company") announces that it has completed the sale of the entire issued share capital of TPC Wire & Cable Corp. ("TPC") to TPC Intermediate Holdings, Inc, a venture capital vehicle backed by Pfingsten Partners LLC, for a total consideration of $43 million (subject to a working capital adjustment) paid in cash on completion.
TPC is a leading US distributor of industrial wire and cable.
Harriet Green, Premier Farnell's Group Chief Executive said:
"This sale represents another step in Premier Farnell's strategic journey to shape its business to deliver profitable growth by focussing on the Electronic Design Engineer and profitable MRO markets. This proven strategy is supported by continuing advances in the Group's e-commerce and element14 community web channels which are further strengthening its multi-channel and increasingly web-centric proposition. We wish TPC and its employees well for the future"
The Company also announces that, in-line with its focus on succession planning, it has commenced the search for a Non-Executive Director with the necessary experience to succeed Sir Peter Gershon as Chairman of the Board. Sir Peter, who joined the Board in 2004 and became Chairman in 2005, has indicated that he does not intend to stand for re-election at the Company's AGM in June 2011.
For further information contact:
Harriet Green, Chief Executive OfficerPremier Farnell plcTel: +44 (0) 20 7851 4102Mark Whiteling, Chief Financial OfficerPremier Farnell plcTel: +44 (0) 20 7851 4102Stephens Inc. (Adviser to Premier Farnell in respect of the TPC disposal)001 404 461 5100Mauro SouzaKent Yee
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