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FirstAm Delays Split of Business Divisions.(First American Corp.)(Financial report)(Brief article)
Byline: Brad Finkelstein
New York-The First American Corp., Santa Ana, Calif., is delaying the split of its financial services and information solutions businesses. The company had planned to spin off the financial services business into a new company, which would have taken the First American name back in January.
The announcement came in First American's second-quarter earnings report in which the company said it was profitable; two of its competitors reported second-quarter losses.
Parker S. Kennedy, chairman and chief executive of First American, said the company remains committed to doing the split. "We still firmly believe that splitting our businesses will unlock the unrealized value of the information solutions businesses and strengthen the competitive position of both companies.
However, given the uncertainty in the real estate and mortgage credit markets, we believe it is prudent to delay the split. Our primary focus at this time ...
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