Houston, Texas-based electronic parts distributor Sterling Electronics Corp, the company that resisted a takeover bid from Bell Industries Inc a couple of years ago (CI No 2,741), has succumbed to the charms of Marshall Industries Inc, which will pay $21 per share in cash for the company, valuing it at around $162m. Marshall, itself a major electronic components distributor which turned over $1.2bn in the year to May, with net profit of $39.6m, will merge Sterling with a newly established subsidiary company. It will also take on some $55m of Sterling debt. Sterling had turnover of $343.8m and profit of $9.6m last year.
