27 June 2016
PREMIER FARNELL PLC
SALE OF CADSOFT BUSINESS
Premier Farnell today announces that, together with its wholly owned subsidiary
Celdis Limited, it has completed the sale of Cadsoft Computer GmbH ("Cadsoft")
and the assets used in connection with the sale of Cadsoft products in the US
(together "the Business) to a subsidiary of Autodesk Inc. ("Autodesk").
Cadsoft is a software development business that produces electronics design
software that Autodesk will add to its software portfolio. Premier Farnell
will continue to distribute the Cadsoft product on behalf of Autodesk.
This action follows an operational review, initiated in July 2015, which
concluded that Premier Farnell would look to strategically refocus its
portfolio and concentrate on its core distribution business, while also
reducing its net debt. The net proceeds of the disposal will have the effect
of reducing Premier Farnell's reported net debt position as at 31 January 2016
by approximately 8%.
For further information, contact:
Paul Sharma, Investor Relations Premier Farnell plc +44 (0) 20 7851 4107
Richard Mountain/Andrew Lorenz FTI Consulting +44 (0) 20 3727 1374
This release contains certain forward-looking statements relating to the
business of the Group and certain of its plans and objectives, including, but
not limited to, future capital expenditures, future ordinary expenditures and
future actions to be taken by the Group in connection with such capital and
ordinary expenditures, the expected benefits and future actions to be taken by
the Group in respect of certain sales and marketing initiatives, operating
efficiencies and economies of scale. By their nature forward-looking statements
involve risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. Actual expenditures made and
actions taken may differ materially from the Group's expectations contained in
the forward-looking statements as a result of various factors, many of which
are beyond the control of the Group. These factors include, but are not limited
to, the implementation of initiatives supporting the Group's strategy, the
effect of legislation and regulatory enactments, recruitment and integration of
new personnel, the implementation of cost saving initiatives, continued use and
acceptance of e-commerce programs and systems, implementation of new IT
systems, the ability to expand into new markets and territories, the
implementation of new sales and marketing initiatives, changes in demand for
electronic, electrical, electromagnetic and industrial products, rapid changes
in distribution of products and customer expectations, the ability to introduce
and customers' acceptance of new services, products and product lines, product
availability, the impact of competitive pricing, fluctuations in foreign
currencies, and changes in interest rates and overall market conditions,
particularly the impact of changes in worldwide and national economies. The
Group does not intend to update the forward-looking statements made herein.