OTHER NEWS - July 28, 1993
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From Times Staff and Wire Reports
Philips Unit to Be Sold: The Dutch electronics giant said it tentatively agreed to sell its Magnavox Electronic Systems Co. unit, which employs 700 in Torrance, to a group that includes the unit’s management and Carlyle Group, a Washington merchant banking firm. The price was not disclosed. Magnavox Electronic Systems, based in Ft. Wayne, Ind., makes electronic systems mainly for the U.S. military. The operation has 4,000 employees overall and annual revenue of $400 million.
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