, the company's financial services division, has sold its manufactured-housing portfolio to
The asset value of the portfolio is about $1.58 billion. CIT will continue to service existing customer accounts. Tyco, a diversified manufacturing and services company, operates businesses involved in electrical components, undersea cable and fire protection systems, among others.
"The divestiture is part of Tyco's previously announced strategy to exit CIT's noncore businesses and to concentrate on stronger growth prospects within CIT's overall business," Tyco said in a statement. "The sale of CIT's manufactured-housing portfolio, in addition to several other recent portfolio divestitures, brings us approximately halfway to our stated goal of divesting $4
billion to 6 billion in CIT's nonstrategic assets by the end of our fiscal year."
Shares of Tyco gained 1% to $55.07 in recent
New York Stock Exchange
trading. Lehman lost 2.3% to $75.44.