READING, England -- Wolseley announces that it has signed an agreement to sell its Electric Center business to Edmundson Electrical, a leading distributor of electrical equipment to trade and industry in the UK. Completion will follow a period of employee consultation and is expected to occur in the next few weeks.
In the year ended 31 July 2010, the business generated revenue of £130 million and trading profit of £1.5 million. In the 10 months ended 31 May 2011, revenue was £115 million and trading profit was £2.2 million. Net assets at completion are expected to be around £29 million and the transaction is expected to generate a small gain on disposal. The cash consideration will be used to pay down debt.