Titan Agrees to Sell Its Ferrite Parts Unit
The Titan Corp. of Encino announced it has agreed in principle to sell its New Jersey-based ferrite parts division to the Allen-Bradley Co. of Milwaukee. No purchase price was disclosed.
The Indiana General Ferrite Products division in Keasbey, N.J., earned less than 10% of Titan’s revenues in 1984, according to Eric Iwafuchi, controller for Titan. He said the division was “not as profitable as we would have liked.”
The ferrite products division manufactures parts for large industrial motors. Titan provides testing, design and development services for the government and defense contractors. Allen-Bradley manufactures industrial electrical controls and electronic components, ferrite cores and molded products.
The Titan Corp. was created on May 30 by a merger of Electronic Memories & Magnetics of Encino and Titan Systems of La Jolla. Titan’s consolidated 1984 revenues were $112 million, including the ferrite parts division.
Rocketdyne to Exchange Technology With Paris-Based Aerospace Firm
Rockwell International’s Rocketdyne division, builder of the main engines for NASA’s Space Shuttle, has announced an agreement with the Paris-based Societe Europeenne de Propulsion, an aerospace firm, to exchange technology for liquid rocket propulsion.
Further details on specific projects under discussion will be disclosed later, said Joyce Lincoln, a Rockwell spokeswoman. The Rocketdyne division, in Canoga Park, is part of Rockwell’s North American Space Operations.
The Paris company helped design and build propulsion systems for the Ariane European launcher and has aided in building French tactical and strategic nuclear missiles.
Agoura Hills’ Litton Data Command Lays Off 70, 10% of Its Work Force
Litton Data Command Systems in Agoura Hills laid off 70 workers, about 10% of its total work force.
At least five of the employees have been placed with other Litton Industries Inc. divisions, however, said Dennis W. Hamby, vice president for industrial relations.
The Agoura Hills company works primarily under contract for the government of Saudi Arabia, designing and building sophisticated communications and radar equipment. Saudi citizens are also being trained in the use of the equipment.
No further layoffs are expected, Hamby said. He said Litton Data Command Systems also is seeking business from other countries besides Saudi Arabia.
Encino Real Estate Investment Firm to Go Public With 7.5 Million Shares
Weyerhaeuser Mortgage Co., a large Woodland Hills-based mortgage banker, has formed a new real estate investment company. The business, Mortgage Investments Plus of Encino, plans to go public with an offering of 7.5 million shares at $10 per share.
Mortgage Investments Plus has applied to the Securities and Exchange Commission for status as a real estate investment trust, a concern that invests in real estate interests while providing special income tax benefits for shareholders.
Weyerhaeuser Mortgage Co. is a subsidiary of Weyerhaeuser Co. of Tacoma, Wash., a forest products company. Weyerhaeuser Mortgage will act as adviser to the new trust.
Hotel Properties of Woodland Hills Agrees to Two Purchases in Texas
Hotel Properties Inc. of Woodland Hills announced it has agreed to purchase two 178-room hotels in Texas. The names of the properties, the seller and the purchase price were not disclosed. The motor hotels are in Irving and El Paso.
Hotel Properties is a real estate investment group, with interests exclusively in the lodging industry. Its 1984 revenues were $4.9 million.