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Article: ARMCO SELLS BRAZILIAN SHEET AND STRIP BUSINESS
- Article from:
- PR Newswire
- Article date:
- September 22, 1993
CopyrightCOPYRIGHT 1993 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PARSIPPANY, N.J., Sept. 22 /PRNewswire/ -- Armco Inc. (NYSE: AS) announced today that it sold its Brazilian sheet and strip operations, Armco do Brasil, to the operation's current management team. Armco said the sale was a continuation of its strategy to focus on stainless and electrical steel and divest businesses that do not represent a strategic fit.
Armco said that as a result of the sale of Armco do Brasil shares, and prior remittances of intercompany debt, it had received approximately $55 million in net cash proceeds and would record a charge of approximately $15 million against third quarter earnings.
As part of the transaction, the new company will purchase ...
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