Wrather agreed to sell its home-building unit.
The Beverly Hills-based company said it will sell substantially all of the unprofitable unit to one of its founders for $6.5 million. The buyer is Peter J. Sidlow, who had formed Devine & Sidlow with Denny Devine. Wrather bought out Sidlow’s stake in the privately held land development company in October, 1983, for an undisclosed price. Devine retained his stake and headed up the home-building division for Wrather. Last year the residential development unit had an operating loss of $6.2 million and a loss from discontinued operations of $3.7 million. Sidlow also will assume $10.8 million of debt.
For the record:
12:00 a.m. April 11, 1985 FOR THE RECORD
Los Angeles Times Thursday April 11, 1985 Home Edition Business Part 4 Page 2 Column 2 Financial Desk 2 inches; 42 words Type of Material: Correction
Peter J. Sidlow headed up Wrather Corp.’s homebuilding division after the Beverly Hills-based company purchased his share of privately held Devine & Sidlow in October, 1983. In Wednesday’s editions of The Times, Dennis Devine was mistakenly identified as having headed up the division for Wrather.
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