Premier Farnell to sell Akron Brass business for $224.2 millionStaff writer ▼ | February 8, 2016
Technology distributor Premier Farnell has agreed to sell its life-safety products unit Akron Brass to IDEX Corporation for $224.2 million in cash.
Exit The sale of Akron Brass marks the next important milestone
Net proceeds from the disposal, which is expected to complete by the end of next month, will be used to reduce the company's indebtedness and to redeem its preference shares.
Chief executive officer Mark Whiteling said: "Following the completion of the operational review and the conclusions announced in December 2015, the sale of Akron Brass marks the next important milestone in the strategic refocusing of Premier Farnell.
"The review confirmed that there are significant opportunities to improve the operational and financial performance of Premier Farnell. The sale of Akron Brass will enable us to focus on executing the initiatives identified as part of our review in order to restore growth in profitability in FY17." ■