Printer Friendly

ITT TO SELL ELECTRONIC COMPONENTS DISTRIBUTION UNIT

 NEW YORK, Oct. 18 /PRNewswire/ -- ITT Corporation (NYSE: ITT) announced today the signing of an agreement to sell its Electronic Components Distribution unit to Farnell Electronics PLC of Great Britain for approximately $70 million. The all-cash transaction is expected to close in November and is subject to approval by Farnell shareholders. ITT expects the transaction to provide a gain in the fourth quarter.
 "This divestiture is consistent with our ongoing efforts to concentrate our resources on the growth of our core businesses," Rand V. Araskog, chairman, president and chief executive of ITT said.
 ITT Electronic Components Distribution, a unit of ITT Defense and Electronics, is a franchised distributor of a wide range of semiconductors, passive devices and electromechanical components. The unit had sales of approximately $270 million in 1992 and employs 600 people. It has sales offices in 12 European countries, The United States, and Canada.
 ITT Corporation with 1992 sales of $21.7 billion, is a multinational enterprise engaged in four major business areas: ITT Financial and Business Services, ITT Manufactured Products, ITT Rayonier, and ITT Sheraton. ITT employs more than 100,000 people around the world.
 -0- 10/18/93
 /CONTACT: Jim Gallagher of ITT, 508-779-6911, ext. 195/
 (ITT)


CO: ITT Corporation ST: New York IN: CPR SU: TNM

LG -- NY018 -- 3165 10/18/93 08:08 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 18, 1993
Words:220
Previous Article:DR. WALLY RHINES NAMED PRESIDENT AND CEO OF MENTOR GRAPHICS
Next Article:SEITEL AWARDS GULF OF MEXICO 3D WORK TO PSI
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters