Invensys Sells Flow Controls Unit For $535 Million in Bid to Cut Debt
March 24, 2002 4:58 pm ET
LONDON -- Invensys PLC Friday announced the $535 million (€606.6 million) sale of its Flow Controls division to Dallas-based Flowserve Corp. , the first major selloff by the company in its attempt to slash its debt burden.
But by selling the division, the U.K.-based engineering and industrial processes company's most cash-generative business and possibly its best hope for the future, some analysts say they are no more inclined to recommend Invensys shares than before.
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