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First City will sell Nutone and Yale Security.

June 02, 1987

First City Industries, Beverly Hills, said it will sell the subsidiaries to Valor PLC of Britain for $400 million cash and warrants to purchase 2 million shares of Valor's common stock. In addition, First City, controlled by the Belzberg family of Canada, will purchase $35 million of Valor's convertible preferred stock. The combined common shares and preferred stock, if converted, would give First City a stake of less than 5% in Valor. Valor makes home products. Nutone makes built-in electric products for homes, and Yale produces door hardware.

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