Singer May Pull Out of Sewing
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STAMFORD, Conn. — Singer Co. wants to pull out of the sewing machine industry it once dominated worldwide and concentrate on expanding its aerospace and military product lines, company officials said today.
Thomas Elliott, vice president of corporate relations, said Singer’s board of directors has directed management to investigate the possibility of spinning off its sewing and furniture operations into a separate, independent company. Stock in the new company would then be distributed to Singer Co. shareholders as a special dividend.
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