Ituran Location to sell Telematics unit to ST Electronics

Mon Nov 19, 2007 8:22am EST

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Nov 19 (Reuters) - Israel's Ituran Location and Control Ltd (ITRN.O) (ITRN.TA) said it agreed to sell its unit, Telematics, to ST Electronics Pte Ltd, a Singapore conglomerate, at a valuation of $90 million.

Ituran, whose products and services help track vehicles electronically, said it expects the deal to contribute about $60 million to its cash position. (Reporting by Manish Gupta in Bangalore; Editing by Vinu Pilakkott)

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