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Byline: Lou Whiteman
Defense contractor United Industrial Corp. has abandoned its 17-month effort to sell itself, choosing instead to focus on asset sales and internal changes to improve shareholder value.
The New York-based company announced in April 2002 that it had hired Wachovia Securities Inc. to pursue strategic alternatives, including a sale. But those efforts have been stymied by asbestos litigation against the company's energy subsidiary, Detroit Stoker Co., which sources say frightened away potential bidders for UIC's defense and training assets.
Company CEO Frederick M. Strader said in a release late Wednesday, Sept. 17, that the firm …