American pacesetter to sell 2 businesses
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American Pacesetter said it has agreed to sell its electronics distribution businesses to Electron House PLC of London for about $7.7 million. Additional, unspecified payments to American
Pacesetter are due through 1988. Newport Beach-based American Pacesetter said it will realize an after-tax loss of about $800,000--including operating losses--from the sale, which is
expected to be completed within a few weeks and is subject to the approval of Electron House shareholders and the successful completion of a stock offering. American Pacesetter acquired the
distribution businesses, located in the U.S., Britain and Australia, in 1982. For the first nine months of 1985, American Pacesetter reported net income of $735,000 compared to a net loss of
$2.7 million for the same period a year earlier. The company said it expects to report fourth quarter and year-end results by March 31. Company officials did not say whether the loss on the
sale of the electronics distribution units would pull American Pacesetter back into the red. The company will continue making mechanical and electronic components. In addition, American
Pacesetter builds houses and commercial and industrial projects, operates a mortgage banking company and owns San Clemente Savings and Loan Assn. MORE TO READ