Kvaerner To Sell Cleveland Bridge Unit

Kvaerner ASA will reportedly sell its Cleveland Bridge construction unit to the current leaders of the unit, a move that represents a probable accounting loss, but one within provisions made in the first quarter of 1999, when Kvaerner began a sweeping restructuring. Kvaerner has reportedly signed a letter of intent with the leadership of Cleveland Bridge to sell them the unit with financial backing from Bank of Scotland. A final agreement is expected to be ready by the end of the year.