Product category:
Machine Building Components
News Release from: Buck & Hickman
Edited by the Engineeringtalk Editorial
Team on 22 March 2007
Premier Farnell sells one of its
businesses
Premier Farnell has reached agreement to sell BuckHickman InOne, to The BSS Group for a total consideration of approximately GBP 27 million.
Premier Farnell has reached agreement to sell BuckHickman InOne, to The BSS Group for a total consideration of approximately GBP 27 million The consideration is payable in cash on completion
This article was originally published on Engineeringtalk on 24 Jun 2003 at 8.00am (UK)
Related stories
Crimp terminals speed electrical connection
New from Roebuck is a 300-piece set of crimp terminals, available exclusively from BuckHickman InOne.
All tied up with Roebuck
General-purpose strong polypropylene rope is now available from Roebuck through industrial distributor BuckHickman InOne.
It is Premier Farnell's intention to apply the proceeds against current debts.
The transaction is being implemented through an asset sale and is expected to close within four 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 GBP 99.8 million and operating losses before interest and tax of GBP 0.8 million.
As at 28 January 2007 BuckHickman had gross assets of GBP 35.4 million and net operating assets of GBP 18.2 million.
It is anticipated that a loss on disposal of BuckHickman of approximately GBP 14 million will arise after allowing for the write-off of goodwill that is allocated to the business.
Harriet Green, Premier Farnell's Group Chief Executive said: "Today's sale represents another key deliverable for us against our strategy for profitable growth announced last October".
"Our other European businesses continue to enjoy strong performance as we pursue our global strategy to deliver profitable growth through focusing on the fast growing electronic design engineering segment; extending our web offering to become a true multi-channel distributor and internationalising our business model into new markets".
"We wish BuckHickman and its employees well for the future".
• Buck & Hickman: contact details and other news
• Email this article to a colleague
• Register for the free Engineeringtalk email newsletter
• Engineeringtalk Home Page
Search the Pro-Talk network of sites
