Engineering supply group Premier Farnell Plc said it would sell its industrial products division Akron Brass to U.S. -based IDEX Corp for $224.2 million in cash.
Premier Farnell, which makes and sells the Raspberry Pi – a mini, low-cost computer, said that the deal would help it focus on its core electronics distribution business.
The company also said on Friday that said it expected profit for the year ended Jan. 31 to be broadly in line with its recent guidance.
(Reporting by Rahul B in Bengaluru; Editing by Gopakumar Warrier)
The separation is expected to be completed by early Q3, following the receipt of all relevant approvals, including final Board approval. Nouryon intends to reduce its own debt with proceeds received from a planned external financing by Nobian.
Trinseo became a producer of the resin when it acquired Arkema’s PMMA business. It announced that it closed on the €1.14bn deal earlier this month.
As part of the EU’s Single-Use Plastic Directive (SUPD), it will become mandatory for caps and lids to remain attached to all beverage containers up to three liters in capacity from 2024.