Marconi Dumps Petrol

LONDON -- Marconi plc (London and NASDAQ: MONI) today announced that it has reached agreement to sell its wholly- owned subsidiary, Marconi Commerce Systems, to Danaher Corporation (NYSE: DHR) for US$325 million (approximately £225million) in cash. The transaction, which is subject to regulatory approvals, is expected to close in early 2002.Mike Parton, Marconi Chief Executive, said: "This transaction represents a major milestone in our on-going programme to focus on our core communications business and generate over £500 million in cash, by March 2002, from our non-core asset portfolio. It reinforces our confidence in achieving this goal."Marconi Commerce Systems, headquartered in Greensboro, North Carolina, is a leading supplier of fuel dispensing equipment, fully integrated point of sale systems and back office accounting systems for the global petroleum marketplace. During the six month period ended 30 September 2001, the company contributed sales of £183 million and operating profits of £5 million in the Group's consolidated accounts. For the 12 month period ended 31 March 2001, the company contributed sales of £410 million and operating profits of £46 million.Marconi PLC