HARVESTER TO SELL UNIT TO DRESSER INDUSTRIES
The International Harvester Company, continuing to pare down in its desperate bid for survival, said today that it had reached an agreement to sell its money-losing construction equipment business to Dresser Industries, a diversified supplier of industrial products and services. Dresser is now caught in the middle of a dispute between the French Government and the Reagan Administration over the sale of equipment for the construction of the controversial gas pipeline from Siberia to Western Europe. The companies did not disclose terms of the sale, but Wall Street analysts said that Dresser would pay about $150 million in cash for the Harvester division. Cash-starved Harvester said the unit had assets of about $580 million, meaning the company would take a big write-off.