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Signaling Change
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Business New Haven
10/20/1997
By: Russell Stone
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STAMFORD - General Signal (NYSE: GSX) announced that in mid-1998 it would spin off its GS Networks unit, which supplies systems for managing business networks and telecommunications services. It is also considering selling three additional businesses with combined annual sales of more than $150 million. At the same time, General Signal's board has increased its share buy-back program, authorizing $300 million in share repurchases through the end of 1998. As part of this strategy, the company hopes to use up its excess cash and focus on its existing businesses. Debt, the company projects, may increase but should remain in the range of a 30 to 40 percent debt-to-capitalization ratio. The company has recently been trading at a P/E ratio of approximately 16.
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