Henley Group Sells 3 Subsidiaries for Total of $115 Million

Henley Group has agreed to sell three manufacturing subsidiaries in separate deals that total about $115 million, company officials said Monday.

However, Henley will not report a gain on the sale of the two larger subsidiaries because of good will attached to the operations when they were spun off last year to Henley by Allied-Signal.

Wolverine, a metal tubing manufacturer based in Decatur, Ala., is being sold to Drake, Goodwin and Co., a London, Ontario-based company in a deal valued at $74 million, according to Henley. Wolverine reported $218 million in 1986 sales.

Henley has agreed to sell its Belmar, N.J.-based AirCruisers subsidiary to Zodiac S.A., a French manufacturing company. AirCruisers manufactures aircraft-evacuation systems. Henley also agreed to sell Indianapolis-based Engineering Research subsidiary, which manufactures aerospace and ordnance components, to McDermott Inc.’s Babcock & Wilcox subsidiary.

Henley placed the combined valued of the AirCruisers and Engineering Research deals at $41 million.

The three planned sales “demonstrate that the real values of Henley’s individual businesses are proportionately much greater than the aggregate value now assigned to them by the market,” Henley Chairman and Chief Executive Michael D. Dingman said Monday.