Allied-Signal sold its equity position in Henley.

Henley Group purchased the 19.5 million shares of convertible preferred stock from Allied Signal for $465 million, or $23.875 per share. Allied-Signal also agreed to strengthen loan guarantees for Henley’s Wheelabrator Technologies subsidiary, which expects to build $850 million in waste-to-energy plants during the next few years. Henley closed up 1 at 24 1/8.