WHITE ENGINE BOUGHT BY PRIVATE INVESTOR
White Engine, a manufacturer of
industrial and automotive diesel and gasoline engines with more
than 100 mln dlrs in sales, said it has been sold to a group of
group investors.
    White Engine said the purchase is led by Donald Stewart, a
private investment banker, along with White senior executives.
    A source close to the transaction said the purchase prices
is being set at more than 55 mln dlrs.
    The company said it will change its name to Hercules
Engines Inc, and Stewart will be the majority interest owner,
as well as the president and chief executive officer.
    In addition, John Lennon, current chairman and chief
executive officer, will remain as chairman, he company said.
And Joseph G. Scheetz, currently president, will be vice
chairman, according to the company.
 Reuter
