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Mr. Tenant, the chief executive, said he would be happy to entertain an offer for the machine tool business.
He suggested the established machine tool business should be sold to a larger company and voiced hope that a company devoted to the new technology would excite investors.
But while such a move might create a company that could appear promising to equity investors, it would need to raise even more capital if it were divorced from the machine tool business.
FEDERAL-MOGUL CORP., Southfield, Mich., an auto parts maker that has filed for Chapter 11 bankruptcy protection, said it had sold its Tri-Way machine tool business to a group led by the unit's managers.
Similar(56)
The machine tool businesses began to disappear during the 1970s.
(His holdings once included a chemicals storage unit, a political polling outfit and furniture and machine tool businesses).
(David Monheit, who owns a machine-tool business and plays bluegrass guitar and banjo for pleasure, so bursts with pride in his daughter that he's known in the family as Puff Daddy).
But that is viewed by Wall Street as part of the machine tool industry, and few investors find that business very exciting.
Once an exclusive supplier to the auto industry, this machine tool and parts company is rolling in new business.
In the new business model, the quality and behavior of a machine tool not only affect the quality of the parts it manufactures, but also affect the profits of the machine tool's manufacturer.
Brian Stafford, who owns a machine tool factory in Little Rock, Ark., and travels 200 to 300 miles a week on business, said: "Since subscribing to Sirius, I can't remember the last time I've listened to regular radio.
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