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California / News and Insight on Business in the Golden
State | THE STATE / TECHNOLOGY

Turbodyne in Talks to Sell Stake

July 21, 1998|Bloomberg News

Turbodyne Technologies Inc. said it's in preliminary talks with unnamed entities involving the possible sale of a minority stake in the maker of antipollution devices, which had sales of $39.2 million last year. Woodland Hills-based Turbodyne makes pollution-reduction technology for internal combustion engines for the auto, transportation and construction industries, among others. The company also supplies aluminum castings to the auto industry. Turbodyne posted a first-quarter loss of 13 cents per diluted share, compared with a loss of 12 cents in the year-ago quarter. The company said it is in discussions with several "major industrial concerns" for a possible sale of a minority interest or a strategic alliance. Turbodyne's shares rose $1.06 to close at $13 in Nasdaq Small-Cap Market trading. Earlier, the stock reached a 52-week high of $13.50.

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