ITT's brake sale hits the skids

In mid-July, some press accounts had Tenneco Automotive ready to buy the brake business of ITT Automotive but then pulling out of the deal at the last minute. The purchase would seem to make sense, as Tenneco could supply full corner modules with suspension and brakes intact. But a Tenneco spokesman says there never was a deal, and an ITT spokesman declines to say anything except that talks are continuing with prospective buyers. Privately, however, another ITT employee confirms the ceremonial handshake was imminent, and that everyone was shocked when Tenneco suddenly backed out. In June, ITT announced the sale of its electrical systems division, which makes wipers and other automotive products, to Valeo SA of France.