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LUCAS ANNOUNCES SALE OF ITS ENGINEERING AND HEATING SYSTEMS BUSINESS

 RESTON, Va., Aug. 12 /PRNewswire/ -- Lucas Industries has sold its aerospace Engineering and Heating Systems business based in Luton, England, for a consideration of $13.2 million (9 million pounds)(A). The business, which has assets of $12.9 million (8.8 million pounds), has been sold to a new company which will be run by the existing management team and supported by leading U.K. financial institutions.
 The sale forms part of a restructuring program announced by Lucas Industries in October 1992, which included the divestiture of businesses not vital to its core competencies in the aerospace and automotive markets. The divestment program has now raised approximately $102.7 million (70 million pounds) of the $146.7 million (100 million pounds) target for the 12 months to October 1993.
 The financial institutions involved in the acquisition are NatWest Ventures Ltd., Montagu Private Equity and the Bank of Scotland; the current management team will also have a stake in the new company. The Engineering and Heating Systems business manufactures window transparencies, ice protection equipment and electroluminescent lighting for aircraft. Under the terms of the sale, the business will continue to trade from the current site under the name Aerospace Composite Technologies Ltd.
 Lucas Industries is a leading international supplier of advanced technology systems, components and services to the world's aerospace, automotive and other selected markets.
 (A) An Aug. 12, 1993, exchange rate of $1.4675 to the pound was used to calculate U.S. dollars.
 -0- 8/12/93
 /CONTACT: Renate Myles of Lucas, 703-264-2387/


CO: Lucas Industries; NatWest Ventures Ltd.; Montagu Private Equity;
 Bank of Scotland; Aerospace Composite Technologies Ltd. ST: IN: ARO SU: TNM


MH-DC -- DC004 -- 2040 08/12/93 10:08 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
Words:285
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