Carnation Co. will sell its container-making unit.
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The Los Angeles-based firm said it has agreed to sell the division for an undisclosed price to a new company headed by two former industry executives and investment banker Morgan Stanley & Co. The agreement with Connecticut-based Canaco Corp., which is headed by Phil Silver and Greg Horrigan, was the latest of a series of asset sales by Carnation since it was acquired in early 1985 by Nestle S. A. for $3 billion. The division has 1,200 employees in 13 cities, including Stockton.
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