International Harvester quitting implement business
One of the nation's largest farm equipment manufacturers is getting out of the business. International Harvester Company announced Monday that it was selling most of its plants to Tenneco Inc. The deal, involving $260 million in cash and $170 million in preference stock, is significant. It will make Tenneco - which makes J. I. Case Company tractors - the second-largest equipment manufacturer in the United States behind Deere & Co., company officials say. It is also the biggest consolidation so far in an industry that has been hurt severely over the past five years because of the weak agricultural economy.