Restructuring ITT to sell units
Continuing a restructuring that began slightly more than a year ago, the ITT Corp. said yesterday that it would sell three businesses from its ITT Financial Corp. subsidiary to the GE Capital Corp. for $1.8 billion.
ITT said last October that it intended to sell its financial services subsidiary and raise a net of $3.3 billion to $3.5 billion in the process.
In December, ITT announced that it had agreed to sell a commercial finance unit to Deutsche Bank A. G. for $2.23 billion, and a consumer loan business to the Norwest Corp. for $1.48 billion.
Capitol Multimedia buys firm
Bethesda-based Capitol Multimedia Inc. said yesterday that it has acquired Animation Magic Inc. of Cambridge, Mass., in a merger aimed at creating a powerhouse in the production of multimedia software on compact discs.
Capitol said the acquisition, a stock transaction valued at about $3.8 million, more than doubles its production capability and brings its previous work force of 45 to about 130.
Capitol's stock closed yesterday at $5.375, up 25 cents.
Westinghouse unit gets contract
Westinghouse Electric Corp.'s Oceanic division in Annapolis has been awarded a $43.2 million contract to design and built a prototype for a mine reconnaissance system for use by submarines.
Linthicum REIT to buy stock
Mid-Atlantic Realty Trust said yesterday its board authorized management to repurchase up to 5 percent of its common shares from time to time on the open market or in private transactions.
The Linthicum real estate investment trust has about 6.3 million shares outstanding.
Education Alternatives drops
Education Alternatives Inc., the Minneapolis company that runs nine schools in Baltimore, yesterday reported lower second-quarter earnings as it added personnel and made other improvements at the schools it manages.
Net income fell to $201,000, or 3 cents a share, in the quarter ended Dec. 31 from $549,000, or 7 cents, a year earlier. Last year's figures included a 3-cent gain from the sale of securities. Revenue rose to $65.0 million from $8.76 million.
USAir reduces fares
USAir said yesterday it has reduced fares in many U.S. markets for travel through June 15.
It said a seven-day advance purchase, Saturday night stay, and purchase by midnight of Feb. 24 would be required to get the fares.
Roundtrip fares range from $178 to $208 for trips up to 500 miles, and $398 to $428 for trips greater than 2,000 miles.