Westinghouse Media Group to Keep Unit

Westinghouse Electric Corp. said it modified its plan to split its media and industrial operations into separate firms by deciding to group Thermo King, a profitable refrigerated transport unit, with its CBS media division. Westinghouse said the change in the planned split-up, originally announced in November, came after unidentified firms had expressed interest in buying Thermo King. Pittsburgh-based Westinghouse said it would consider various options to enhance Thermo King’s value to shareholders, including a sale, public stock offering or spinoff to shareholders. Westinghouse also planned to spin off up to 20% of Thermo King after the separation and use the proceeds for the other industrial units, which have been facing sluggish markets and margins. The change will not alter the timing of the separation, scheduled for the third quarter. Westinghouse’s stock rose 37.5 cents to close at $22.375 on the NYSE.