Electronics deal

ELECTROCOMPONENTS, the electronic parts distributor, has completed its drive to become a global supplier with the $380m (pounds 237m) acquisition of Allied Electronics, a US competitor.

The group, which reported falling UK sales, said it was buying Allied as part of a strategic alliance to serve multinational clients. The move highlights the firm's ambition to attack the US catalogue market.

Profits in the year to March tumbled by 4.9 per cent to pounds 112.4m. Analysts said the deal was expensive but marked the shares up 8 per cent to 509p.