LONDON Premier Farnell plc is to sell its Kent specialist automotive consumables business to Barnes Group Inc. for around £22 million (on a cash and debt free basis).
For the year ending January 2006 Kent had a turnover of approximately £40million and its operating profit accounted for less than 3% of the Premier Farnell group underlying operating profit for the year.
Kent supplies adhesives, sealants, specialist cleaning chemicals, abrasives, tools and other consumables to the European automotive and industrial maintenance markets.
Barnes Group (Bristol, Conn) has established distribution businesses in the U. K and France, and the purchase of Kent will provide it with entry into the rest of Europe. Kent has direct sales operations in France, Germany, the U. K., Belgium, the Netherlands, Spain, Italy, Denmark and Sweden, and has distributorships in 20 additional countries.
Barnes is a diversified international manufacturer of precision metal components and assemblies and a distributor of industrial supplies, serving a range of markets. The sale is scheduled for completion by the end of the third quarter.