American Pacesetter Sells Off Subsidiary
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American Pacesetter, a Newport Beach holding company, said it sold its American Electronics Inc. subsidiary to that firm’s Fullerton managers for an undisclosed amount.
American Pacesetter said it expects to realize an after-tax gain of approximately $1 million on the transaction.
Richard F. Holland, who becomes American Electronics’ principal shareholder, will continue as president of the electromechanical equipment manufacturing company.
In a prepared statement, John W. Klug, American Pacesetter’s chairman of the board, said the sale of the electronics firm would allow the parent company to concentrate on its core businesses of financial services and real estate development.
American Pacesetter now consists of San Clemente Savings & Loan Assn. and Pacesetter Homes Inc.
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