HEAVY INDUSTRY
From Times Staff and Wire Reports
Westinghouse, GE Break Off Talks: Westinghouse Electric Corp., which is struggling to stem losses from its troubled financial services unit, said it ended talks on selling some of the subsidiary’s assets to rival General Electric Co. But the Pittsburgh-based industrial conglomerate said it was talking with “other interested parties,” which it did not identify, and said it expects to make $1.2 billion from sales to those parties by the end of the first quarter of 1992. Westinghouse officials declined comment. Westinghouse has been trying to shrink Westinghouse Credit Corp.’s loan portfolio to cut its losses from the unit’s commercial real estate loans.
