Borg Selling Its Long Beach Unit
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Borg-Warner, a diversified manufacturer with interests in chemicals and auto parts, said Thursday it is selling its once-troubled industrial products business in Long Beach to a group of company executives and a New York investment firm for $240 million cash.
The sale is part of an effort to restructure Borg-Warner, which faces a takeover threat from financier Irwin L. Jacobs. Borg-Warner announced last November it was looking for a buyer for the unit.
The industrial products group makes fluid control systems, seals and service pumps, largely related to the energy business. It employs 3,000. Last year, it earned $12.8 million on revenue of $300 million.
The industrial products group relies heavily on the energy business and was hit hard by a slump in the oil industry.
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