LOS ANGELES COUNTY - News from May 26, 1985
Pauley Petroleum Inc. said it sold 102 acres of land in San Dimas to Standard Pacific Corp. of Costa Mesa for $2.77 million. The sale of the land, which is part of Pauley’s Via Verde development in eastern Los Angeles County, is part of the company’s plan to sell off its non-energy assets.
The pretax profit on the sale should total $1.6 million, Pauley said, which will be used for working capital and to reduce debt. The company will be left with 375 of an original 2,000 acres in San Dimas and Walnut.
Lear Siegler Inc., Santa Monica, received a $10.5-million contract from Westinghouse Electric Corp. for mechanical components for propulsion systems.
Los Angeles-based Cinema Group has purchased Continental Video, also of Los Angeles, for undisclosed terms. Cinema Group, a feature-film production company, said it will provide the videocassette producer with an infusion of $4 million to $5 million.
Logicon Inc., Torrance, received a $3.5-million subcontract from IBM’s federal systems division as part of a worldwide military information project. IBM’s share of the contract was $13 million, Logicon said.
Great Lakes Chemical Corp. of West Lafayette, Ind., agreed to purchase Purex Pool Products Inc., City of Industry, for undisclosed terms.
CALIFORNIA
Levi Strauss & Co., San Francisco, signed licensing agreements covering belts and handbags with Chicago-based Humphreys Leather Goods Inc. and New York-based Empire-Orr Inc. The value of the transactions wasn’t disclosed.
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