OTHER NEWS - March 2, 1996

Westinghouse to Cut 65% of CBS Debt: The Pittsburgh-based company completed the sale of its defense electronics unit and of Knoll Group, a maker of office furniture, raising more than $3.5 billion to repay debt from its acquisition of CBS Inc. Westinghouse Electric Corp. said the sales will result in a gain of $1.2 billion to $1.4 billion in the first quarter, boosting Westinghouse’s profit by at least $2.75 a share. Westinghouse announced the defense electronics unit sale to Northrop Grumman Corp. in January and the sale of Knoll in December. Cash from the sales will be used to repay 65% of the debt from Westinghouse’s $5.4-billion purchase of CBS. Westinghouse shares closed up 25 cents at $18.75. Northrop was up 25 cents at $62. Both trade on the New York Stock Exchange.