LA JOLLA — Henley Group has agreed to sell three manufacturing subsidiaries in separate deals that total about $115 million, company officials said Monday.
However, Henley will not report a gain on the sale of the two larger subsidiaries because of good will attached to the operations when they were spun off last year to Henley by Allied-Signal.
Wolverine, a metal tubing manufacturer based in Decatur, Ala., is being sold to Drake, Goodwin and Co., a London, Ontario-based company in a deal valued at $74 million, according to Henley. Wolverine reported $218 million in 1986 sales.
Henley has agreed to sell its Belmar, N.J.-based AirCruisers subsidiary to Zodiac S.A., a French manufacturing company. AirCruisers manufactures aircraft-evacuation systems. Henley also agreed to sell Indianapolis-based Engineering Research subsidiary, which manufactures aerospace and ordnance components, to McDermott Inc.'s Babcock & Wilcox subsidiary.