BANKING & FINANCE - Sept. 24, 1992

Allied-Signal to Sell Oil Firm Stake: Diversified manufacturer Allied-Signal Inc. said it will sell its 39% stake in Union Texas Petroleum Holdings for nearly $1 billion and may trim management to boost productivity. The stock sale is part of the Morristown, N.J.-based manufacturer’s change away from oil, gas and chemicals and toward aerospace, automotive products and engineered materials. Allied-Signal owns 33.3 million shares of Union Texas Petroleum, a Houston-based oil and gas exploration company. Sale proceeds would be about $955 million and should result in a pretax profit this year of $350 million, the company said.