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ITT prepares to sell most of its automotive business

Another east coast conglomerate decides the auto industry's just too tough. ITT Industries Inc. has hired Lazard Freres & Co. and Goldman Sachs & Co. to put a price tag on its automotive brakes, chassis modules and electrical systems businesses. In a statement, ITT CEO Travis Engen says ITT wants to stay in the fluid handling, fricton and shock absorber and automotive switch businesses. Those operations

Another east coast conglomerate decides the auto industry's just too tough. ITT Industries Inc. has hired Lazard Freres & Co. and Goldman Sachs & Co. to put a price tag on its automotive brakes, chassis modules and electrical systems businesses. In a statement, ITT CEO Travis Engen says ITT wants to stay in the fluid handling, fricton and shock absorber and automotive switch businesses. Those operations account for about 20% of ITT's overall automotive sales, which totaled $4.7 billion in 1997. "Proceeds from the sale would be used to finance further internal and/or external growth of core businesses, or to repurchase common stock, pay down debt or some combination of these uses," says Mr. Engen.

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