Thomas Industries Inc. said it agreed to sell its stake in Genlyte Thomas Group LLC to the Genlyte Group Inc. for about $400 million in cash.
Louisville, Ky.-based Thomas said it would sell its 32-percent stake in the company plus 32 percent of Genlyte’s earnings, less distributions to Thomas, from Jan 1, 2004, through the closing of the deal, which is set for the end of July.
Larry K. Powers, president and chief executive officer of GTG and chairman, president and CEO of The
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