Maxxam Group has agreed to sell the...

Maxxam Group has agreed to sell the cutting and welding products operations of a wholly owned subsidiary to a new corporation formed by an investment group consisting of Hicks & Haas, Donaldson, Lufkin, Jenrette and James N. Mills. Under the terms of the agreement, Los Angeles-based Maxxam would realize about $320 million from the sale, of which about $149 million would be used to repay bank debt.