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Wolseley plc, Zug, Switzerland, has agreed to sell its Electric Center business to Edmundson Electrical, a distributor of electrical equipment to trade and industry in the UK.
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In the fiscal year ended July 31, 2010, the Electric Center business generated revenue of £130 million (US$207.2 million) and trading profit of £1.5 million (US$2.4 million).
"This transaction is in line with our strategy of focusing on businesses where we can create leading market positions," said Ian Meakins, chief executive of Wolseley. "Given the complementary nature of Edmundson and Electric Center, the transaction represents a good outcome for the business and its employees."
Wolseley is the parent company of Ferguson/Wolseley Canada, No. 1 on the list of top industrial distributors.
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