clipped from: www.nytimes.com The shares of BTR P.L.C., Britain's biggest industrial holding company, climbed 16 percent today after it said on Sunday night that it was selling its glass and packaging businesses and would return $:2 billion ($3.32 billion) to shareholders.
BTR shares closed at a two-month high of 187 pence from 161.25 pence after the company, an industrial, transportation and construction concern, said it had agreed to sell its glass and packaging businesses to Owens-Illinois Inc. of Toledo, Ohio, for $:2.2 billion in cash.
BTR announced a plan last year to sell off major parts of its businesses to focus on more profitable engineering divisions. Its shares hit a low of 152 pence on Jan. 22 after it warned several times over the last several years that profits would disappoint in the face of competition, the negative effect of the strong pound and sluggish markets worldwide.