TI Group PLC has agreed to buy...

TI Group PLC has agreed to buy Houdaille Industries Inc. for $310 million. TI Group, a British engineering concern, sold its Raleigh bicycle and domestic appliance interests earlier this year to build reserves for the U.S. purchase as part of a major restructuring plan. Houdaille owns seven manufacturing units, but the John Crane USA unit, the world’s largest producer of mechanical seals, is the focus of the acquisition.