Philips Industries to Be Sold: British industrial...
From Times Staff and Wire Reports
Philips Industries to Be Sold: British industrial group Tomkins PLC has agreed to pay $550 million for Philips Industries Inc., a Dayton, Ohio-based manufacturer whose $672-million leveraged buyout collapsed in January. The pact ends months of speculation about the fate of the building and vehicle components manufacturer. Tomkins said it will finance the deal through the sale of shares to its stockholders in Britain. The pact will lapse June 20 if final terms have not been settled. Tomkins, a broad-based industrial management company, also owns Murray Ohio Manufacturing Co., a leading maker of power mowers and bicycles, and the firearms firm Smith & Wesson Corp.
