Zapata to sell 77 pct interest in Safety Components

Newswire

Sept 26 (Reuters) - Zapata Corp. said on Monday it agreed to sell all of its 4.2 million shares of Safety Components International, Inc. , a maker of air bag fabrics and cushions, to private equity investor Wilbur Ross Jr. for $51.2 million. Zapata said the stake represents about 77.3 percent of Safety Components' total outstanding common stock. The company said the transaction is expected to close in the fourth quarter. (Reporting by Renu Pariyadath in Bangalore)

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