AEROSPACE & DEFENSE

FMC, Harsco to Combine Defense Businesses: FMC Corp. and Harsco Corp. have announced plans to combine most of their defense businesses into a jointly owned company, the latest in a series of consolidations in the defense industry. Under a letter of understanding signed by both companies, Chicago-based FMC will own 60% of the new company and Harsco 40%, FMC said in a statement. The new entity will have estimated sales next year of $1.2 billion, the companies said. The agreement is subject to approval by directors of both companies, with completion of the transaction expected in the first half of 1993, FMC said.