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Ituran Location to sell Telematics unit to ST Electronics
November 19, 2007 / 1:27 PM / 10 years ago

Ituran Location to sell Telematics unit to ST Electronics

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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