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/ BARBARA MURPHY

Sale by Raytheon Won't Affect 2nd-Quarter Earnings

June 23, 1998|BARBARA MURPHY

Raytheon Co.'s sale of its stake in Whittaker Corp. will not result in a charge to second-quarter earnings, the company said.

Raytheon disclosed in a regulatory filing that it sold its 17.62% stake in the Simi Valley-based aerospace engineering company earlier this month for about $23.6 million. The company acquired the shares in 1996 when it sold its Xyplex Inc. subsidiary to Whittaker for $67.5 million in cash and stock that was then valued at $50 million. Whitaker sold the subsidiary earlier this year for more than $35 million.

Raytheon, based in Lexington, Mass., took a write-down on the Whittaker stock last year, said spokeswoman Toni Simonetti. "The sale won't affect [our] second-quarter earnings," Simonetti said.

Raytheon sold its Whittaker shares for $11.95 each on June 12 to an investment group led by Canpartners Investments IV LLC, according to a Securities and Exchange Commission filing.

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