Marconi has announced plans to sell its Data Systems unit to US industrial group Danaher for $400 million. The company expects to close the deal (subject to regulatory approval), before the end of its financial year on March 31, 2002.
The sale is expected to reduce Marconi’s net debt to below £3 billion, following the pre-Christmas sales of its petrol pump business and 50% stake in Hotpoint, which together raised over £440 million.
This transaction represents a significant further step towards Marconi’s stated objective of maximising cash proceeds from non-core asset disposals and further helps the Marconi management team to apply focus and commitment towards our core communications business, Marconi chief executive Mike Parton said in a statement.
The sale of Data Systems is one of the last business units Marconi has up for sale having already sold its medical systems business, optical components, commerce systems and its half share of General Domestic Appliances.
