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Billion-dollar sale will finance growth at media division
DOWNTOWN - A little less of Westinghouse is headed to New York, but it now has $2.56 billion to spend on its broadcast empire.
Westinghouse Electric Corp. said on Sept. 15 that it sold its Thermo King Corp. subsidiary to Ingersoll-Rand Co., of Woodcliff Lake, N.J. As part of the cash deal, Ingersoll-Rand must assume $40 million in pension liabilities associated with Thermo King.
Minneapolis-based Thermo King, with sales of $996 million, was the shining star and sole noncyclical property among Westinghouse's industrial businesses.
Westinghouse's stock was trading at $26.625 a share last week, …