Westinghouse Slims Down
One down, three to go. As part of the company's much needed restructuring program, Westinghouse Electric on Aug. 11 agreed to sell its electric distribution and control unit to Cleveland-based Eaton for $1.1 billion. The proposed deal marks the first major action for new Westinghouse Chief Executive Michael Jordan. It's also the first step in his company's plan to sell off four units by late 1994 to reduce its debt of more than $5 billion. Westinghouse is now looking for customers for its electric-supply, office furniture, and residential real estate subsidiaries.