GEC to raise more than pounds 100m from sales

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The Independent Online
GEC, the UK defence engineering group in the throes of a shake- up, will raise more than pounds 100m through the sale of a number of business units from its industrial group, it said yesterday. The sales were part of a divestment programme flagged by managing director George Simpson in July 1997.

Agreements have been signed with buyers for distribution and trading operations in Australia, New Zealand and Ireland. The Australia and New Zealand distribution and trading units will be sold to Rexel SA, the world's largest electrical equipment distributor. The sale of the Ireland distribution and trading unit to Olive Holdings, a company under common control with Edmundson Electrical, is conditional upon the approval of the Irish Minister for Enterprise, Trade and Employment.