Premier Farnell sells US subsidiary

Leeds-based Premier Farnell has completed the sale of the share capital of TPC Wire & Cable Corp to TPC Intermediate Holdings, a venture capital vehicle backed by Pfingsten Partners, for a total consideration of $43m.

TPC is a leading US distributor of industrial wire and cable.

Harriet Green, Premier Farnell's group chief executive, said: "This sale represents another step in Premier Farnell's strategic journey to shape its business to deliver profitable growth by focusing on the electronic design engineer and profitable MRO markets.

"This proven strategy is supported by continuing advances in the group's e-commerce and element14 community web channels which are further strengthening its multi-channel and increasingly web-centric proposition. We wish TPC and its employees well for the future."

The company also announced that, in-line with its focus on succession planning, it has started the search for a non-executive director to succeed Sir Peter Gershon as chairman of the board.

Sir Peter, who joined the board in 2004 and became chairman in 2005, has indicated that he does not intend to stand for re-election at the company's annual meeting in June 2011.