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 ÂŁ130 million and trading profit of ÂŁ1.5 million. In the 10 months ended 31 May 2011, revenue was ÂŁ115 million and trading profit was ÂŁ2.2 million. Net assets at completion are expected to be around ÂŁ29 million and the transaction is expected to generate a small gain on disposal. The cash consideration will be used to pay down debt.
