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. Last Updated: 07/27/2016

Invensys Finalizes Sale

LONDON -- Newly merged British engineering group Invensys PLC said Wednesday it aimed to wrap up a pounds 1.8 billion ($2.90 billion) sale plan within 10 months, with shareholders getting pounds 1 billion of the proceeds.

Laying out strategy as it unveiled its first results since its creation in this year's merger between BTR and Siebe, Invensys said it aimed for annual costs savings of pounds 300 million and planned 5,000 extra jobs cuts from its core automation and control business.

It said savings were 20 percent more than forecast by some market observers at the time of the February merger.