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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Electrocomponents    ECM   GB0003096442

ELECTROCOMPONENTS (ECM)
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Electrocomponents : Allied Electronics announces company name change

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01/02/2018 | 06:19pm CEST

Fort Worth, Texas, 2 January 2018 - Allied Electronics announced today that the company will begin operating under a new trade name and will be known as Allied Electronics & Automation, effective immediately. The company's ownership and staff have not changed.

'Our new name better reflects our business as a premier distributor of electronics, and automation and control products,' said President Steve Newland. 'For some time, Allied has focused on meeting the demands of our core industrial automation customers. It is time for our name to match what our customers have come to expect from us.'

'Our new identity has been underway for several years now,' said VP of eCommerce and Marketing Dan Stewart. 'We started as Allied Radio 90 years ago, and we evolved during the 1970s into Allied Electronics, when our business moved from radio parts to electronic components. Our business has evolved, again, into serving the automation and control market. It is time we make our position clear by adding 'automation' to our name.'

'Customers will continue to look to Allied in ways that satisfy their needs, either online or with their local sales reps throughout the U.S., and in Canada, Chile, and Latin America,' said Newland. 'Our business will continue to grow and our automation and control focus will lead the way.'

The company was founded in 1928 in Chicago, Illinois as Allied Radio, the distribution arm of Columbia Radio Corporation. The company changed its name to Allied Electronics in 1961 to reflect its move into industrial sales. In 1970, the company moved to Fort Worth, Texas, after Tandy Radio purchased the company. In 1999, Electrocomponents of London, England, purchased Allied. Today, Allied Electronics & Automation and its sister company, RS Components, also based in London, England, represent the trading brands of Electrocomponents plc, the global distributor for engineers.

About Allied Electronics & Automation
Allied Electronics & Automation is a high-service level, authorised distributor of industrial automation products, electronic components, and electromechanical products with sales offices serving the Americas. With more than 3.5 million parts online, engineers and purchasers often look to Allied for a broad range of product solutions from more than 300 brand-name suppliers. Allied Electronics & Automation and RS Components are trading brands of Electrocomponents plc (LSE:ECM), the global distributor for engineers headquartered in London, England.

Further information is available here:
Website: www.alliedelec.com
Facebook: www.facebook.com/alliedelectronics
Twitter: @alliedelec
LinkedIn: linkedin/alliedelectronics

###

Editorial Contact
Elisa Weber
+1 817-595-8613
[email protected]

Electrocomponents plc published this content on 02 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 02 January 2018 17:19:02 UTC.

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Financials (GBP)
Sales 2019 1 847 M
EBIT 2019 211 M
Net income 2019 145 M
Debt 2019 123 M
Yield 2019 2,00%
P/E ratio 2019 22,31
P/E ratio 2020 19,40
EV / Sales 2019 1,82x
EV / Sales 2020 1,67x
Capitalization 3 246 M
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Average target price 7,74  GBP
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Lindsley Ruth Chief Executive Officer & Director
Peter Michael Johnson Chairman
David John Egan Group Finance Director & Director
Ian Haslegrave Secretary, Director & General Counsel
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