BUSINESS
By Ted Shelsby and Ted Shelsby,SUN STAFF | December 22, 1995
Westinghouse Electric Corp. agreed yesterday to sell its Knoll Group, which manufactures office furniture, for $565 million in cash.Knoll, which is one of the country's largest manufacturers of office furniture, is to be acquired by Warburg, Pincus Ventures L.P., an affiliate of E. M. Warburg, Pincus & Co., a New York-based financial services organization.The sale is expected to be completed in the first quarter.Westinghouse disclosed earlier this month that it planned to sell the defense operations of its Linthicum-based Electronic Systems division and another unidentified unit to help pay down its debt from its $5.4 billion acquisition of CBS Inc.Yesterday's transaction indicates that the Maryland-based defense arm of Westinghouse might bring more money than some analysts first thought.
BUSINESS
By Steve Kilar, The Baltimore Sun | February 13, 2013
Northrop Grumman on Wednesday notified about 60 people, primarily in Maryland and Virginia, in its electronics systems segment that they will be out of jobs at the end of the month. In October, the aerospace and defense contractor announced it was cutting its electronic systems staff by up to 350 positions. About 280 people accepted voluntary buyouts, but "the number of volunteers did not reduce our headcount to the extent required," Jack Martin Jr., a Northrop Grumman spokesman, said Wednesday.
BUSINESS
By Ted Shelsby and Ted Shelsby,SUN STAFF | December 7, 1995
It's nail-biting time for employees at Westinghouse Electric Corp., including its 8,500 workers in Maryland.There is widespread speculation that the Pittsburgh-based company will announce the sale of as many as four of its operating divisions this week to help help pay for its $5.4 billion acquisition of CBS Inc.According to analysts who follow the company, Westinghouse may announce the sale of major assets as early as this evening.Top executives of Westinghouse, including Chairman and Chief Executive Michael H. Jordan, are scheduled to meet with securities analysts tomorrow morning in New York.
BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,SUN STAFF | December 9, 1995
A Wall Street adage says you buy on the rumor and sell on the news. That happened to Westinghouse Electric Corp. yesterday, part because the announcement that Westinghouse would keep most of its industrial companies while selling its defense business left investors thinking that an old dog of a stock was still up to old tricks.After edging up to a 52-week high of $17.875 early yesterday, the stock withered as the market absorbed Westinghouse Chairman Michael H. Jordan's announcement. Westinghouse closed down 50 cents at $17."
NEWS
By Ted Shelsby and Ted Shelsby,SUN STAFF Sun staff writer Ellen James Martin contributed to this article | December 9, 1995
Maryland's largest manufacturing employer officially was placed on the market yesterday when Westinghouse Electric Corp. announced that it is seeking a buyer for its giant Linthicum-based Electronic Systems division.Michael H. Jordan, chairman and chief executive of Westinghouse, announced plans for the sale during an 8:30 a.m. meeting with securities analysts in New York.Within the hour, the state's top economic development official was in contact with local Westinghouse officials to see what the state could do to ensure that the jobs stay in Maryland.
BUSINESS
By Bill Atkinson and Bill Atkinson,Sun Staff Writer | August 3, 1995
Westinghouse Electric Corp., which said it will aggressively seek ways to slash debt in the wake of its deal to acquire CBS Inc., is unlikely to sell its Linthicum-based electronics unit any time soon, industry analysts said yesterday.Analysts contend the Pittsburgh-based conglomerate will look to sell other divisions or parts of divisions and keep its Electronic Systems Group, a highly profitable business that churned out $165 million in operating profits last year.If Westinghouse decides to put Electronic Systems on the block, though, it could fetch $2 billion and erase a sizable chunk of the company's debt, analysts said.