Invensys Sells Semiconductor Unit; May Also Shed Home-Appliance Controls
Jan 20, 2004
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Engineering group Invensys is seeking to raise £500 million through new shares as it battles to rebuild its balance sheet.

The London, England-based firm is understood to have asked stockbroker Morgan Stanley to prepare for a rights issue to help it tackle debts of £816 million and a £700 million hole in its pension fund.

A cash injection would also give Invensys more time to complete a disposal program, including assets outside its core rail signals and factory controls operations.

Disposal of the group's Baan software and Teccor semiconductor businesses has already been completed along with a £385 million deal to sell a specialist metering equipment operation. Other assets thought to be up for sale include its windpower division, home-appliance controls, and climate-controls businesses. (Reuters)

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