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Premier Farnell sells Cadsoft business

27 June 2016 14:12

Premier Farnell, together with its wholly owned subsidiary Celdis Limited, has completed the sale of Cadsoft Computer GmbH and the assets used in connection with the sale of Cadsoft products in the US to a subsidiary of Autodesk Inc.

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%.

At 2:12pm: (LON:PFL) Premier Farnell PLC share price was +0.13p at 164.63p

Story provided by StockMarketWire.com

Related Company: PFL

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