BRIEFCASE HEALTH NET SELLS OFF WORKERS' COMP.

Byline: - Staff and Wire Services

WOODLAND HILLS - Officials for managed-care company Health Net Inc. said Friday that the firm had completed the sale of its workers' compensation services subsidiary to First Health Group Corp. for $80 million.

The subsidiary, Health Net Employer Services, reported annual revenue of about $45 million in 2002.

The company employs about 270 associates and operates a state certified Health Care Organization in California that provides employers with access to contracted networks of physicians.

Shares of Woodland Hills-based Health Net rose 39 cents to close at $31.59 Friday on the New York Stock Exchange.

Northrop receives $14 million pact

WOODLAND HILLS - Northrop Grumman Corp.'s Navigation Systems unit said Friday that it received a $14 million contract from the U.S. Navy to supply 10 UPX-24 interrogator sets by October 2005.

The UPX-24 operates as part of a shipboard identification, friend or foe system, which provides target reports or replies to a shipboard weapons system.

Since the mid-1970s, the UPX-24 has been operational aboard the CG 47 Ticonderoga-class Aegis cruisers, DDG 51 Arleigh Burke-class Aegis destroyers, and the LHD 1 Wasp-class amphibious assault ships.

Northrop's Navigation Systems Division is part of the company's Baltimore, Md.-based Electronic Systems sector, a world leader in the design, development and manufacture of defense and commercial electronics and systems.

Kodak acquires production firm

Eastman Kodak Co. announced Friday that it completed the acquisition of Laser-Pacific Media Corp., a Hollywood-based post-production company, for $30.5 million in cash.

Laser-Pacific stockholders voted this week to approve the acquisition, which was previously announced on Aug. 1.

Kodak acquired the outstanding shares of Laser-Pacific at a price of $4.22 per share. As of June 30, Laser-Pacific had $1.9 million in net debt.

Laser-Pacific will operate as a wholly owned subsidiary of Kodak and will become part of the company's Entertainment Imaging services group. Emory Cohen, co-founder of Laser-Pacific, will lead the subsidiary as CEO.

Israel-based Teva buys rival Sicor

IRVINE - Teva Pharmaceutical Industries Ltd., a generic drug maker based in Israel, has agreed to purchase rival Sicor Inc. for nearly $3.3 billion in cash and stock.

The deal announced Friday would combine Teva's strength in making drugs that are taken orally with Sicor's capacity for making injectable medicines. The deal will allow Teva to expand its roster of products, customer base and geographic reach.

Teva currently makes generic drugs in pill, capsule, ointment and liquid form as well as producing the multiple sclerosis drug Copazone.