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June 26, 1998 | Reuters
Industrial manufacturer ITT Industries Inc. said it plans to sell its electrical systems unit to French car-parts maker Valeo for $1.7 billion in cash. ITT Industries said the unit sold $1.9-billion worth of automotive windshield-wiper systems, fractional-horsepower electrical motors, air management systems, switches and sensors last year. It has 12 factories, primarily in Europe and the United States, and about 13,300 employees.
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BUSINESS
June 26, 1998 | Reuters
Industrial manufacturer ITT Industries Inc. said it plans to sell its electrical systems unit to French car-parts maker Valeo for $1.7 billion in cash. ITT Industries said the unit sold $1.9-billion worth of automotive windshield-wiper systems, fractional-horsepower electrical motors, air management systems, switches and sensors last year. It has 12 factories, primarily in Europe and the United States, and about 13,300 employees.
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