Premier Farnell to sell Akron Brass

0
Have your say

Electricals distributor ​Premier Farnell ​is to sell its industrial products division Akron Brass and stop direct operations in Brazil after it forecast a fall in first-half adjusted operating profit.

The company, which ​fell out of the FTSE 250 after difficult trading, said ​the move will deliver ​£4m in benefit this year.

Premier Farnell said in July that it expected a 10 per cent decline in first-half adjusted operating profit after sales growth per day in its main North American and UK markets slowed in the second quarter.

​The group, which started out as a radio parts seller in 1939, said it now expects full-year adjusted operating profit to be between £73m and £77m.

The company reported adjusted operating profit of ​£​88​m last year.

Premier Farnell’s Akron Brass business makes and sells high- performance fire-fighting equipment for fire truck manufacturers, public fire services and industrial facilities.

Akron Brass accounted for about 7.5 per cent of the company’s total revenue in the first half.

​Premier Farnell makes and sells the Raspberry Pi – a mini, low-cost computer its founders created to help millions of people get online and learn to code.