Marconi to Sell Marconi Commerce Systems

LONDON, Dec. 21 -- Marconi Plc announced it has reached an agreement to sell its wholly owned subsidiary, Marconi Commerce Systems, to Danaher Corp. for $325 million (approximately 225 million pounds) in cash. The transaction, subject to regulatory approvals, is expected to close in early 2002.

"This transaction represents a major milestone in our ongoing program to focus on our core communications business and generate over 500 million pounds in cash, by March 2002, from our noncore asset portfolio," said Marconi's CEO, Mike Parton.