Pact International Ltd, a subsidiary of Electrocomponents Plc, has formed a joint venture with Well-co, a division of the BTR Plc-owned Newey & Eyre Group. Pact is acquiring Wellco for UKP2.2m and an issue of new shares to Newey & Eyre that will represent 30% of Pact’s restructured share capital. Both Pact and Wellco specify electrical products and sell them to high street stores and supermarkets under brand names – Panda and Wellco respectively. Wellco will assume the Pact name, but both firms will retain their brand identities. Pact’s turnover for the year to March 31 was UKP29.4m with profits of UKP1.6m, and Wellco reported profits of UKP1.2m on UKP20.6m turnover. Sir Keith Bright, chairman of Electrocomponents Plc, says he has no immediate plans to rationalise staff numbers at Wellco. Electrocomponents has also paid UKP1.5m for the stock and customer list of Hopson Bridgers, the lighting division of Newey & Eyre. This unit, with turnover of UKP8.9, will be integrated with the Electro Lighting Group’s distribution centre in Northampton.