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Struggling London engineering company Invensys plc said Tuesday, June 3, it is selling its Dutch software unit Baan(http:// www.baan.com/home/press/) to a U.S. investment group formed by private equity investors Cerberus Capital Management LP and General Atlantic Partners LLC for $135 million and that it will use the cash to pay down debt.
The sale of Barneveld-based Baan, known as Baan Co. NV before its acquisition by Invensys, is the first step in a new disposals program announced in April. It follows a previous pounds 1.8 billion ($2.9 billion) round of sales of companies from Invensys' noncore energy management division.
In preliminary 2002-2003 results announced last week, Invensys said it had reduced debt from pounds 3.016 billion the previous year to pounds 1.556 billion at March 31, 2003.
It made an operating profit...