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Rexel announces disposal of Haagtechno

Rexel signed yesterday an agreement to sell its Dutch subsidiary Haagtechno to Panasonic.

Haagtechno was part of the Group’s “Agencies Consumers Electronics” (ACE) division ; it represented the Panasonic brand in the Netherlands and distributed, on an exclusive basis, Panasonic and related consumer electronics products in the Netherlands.

This business was non-core for Rexel, a global leader in the distribution of electrical supplies, and generated sales of c. €150 million in 2009 (out of total Group sales of €11.3 billion). The disposal follows the sale of another non-core asset, HCL Asia, in February.

The transaction is subject to anti-trust authority approval and its completion is expected on June 30, 2010.

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