Midland-Ross will be bought by Forstmann, Little.

New York-based Forstmann, Little & Co., a privately held investment firm, said it will pay $28 a share, or $450 million, for the Cleveland-based diversified manufacturer. However, Midland-Ross said that none of its executives are involved in the buyout and that its president and chief operating officer, Daniel W. Duval, had resigned to pursue other business interests.