Tejon Ranch Co. announced that it has...

Tejon Ranch Co. announced that it has agreed to sell its W-L Research Inc. subsidiary, subject to certain conditions. The proposed purchaser, S&W; Berisford Inc., would pay Tejon $20 million cash for W-L Research, which is involved in the development and marketing of proprietary varieties of alfalfa seed. The transaction is subject to the execution of an agreement with Berisford, regulatory approvals and certain other conditions. Lebec-based Tejon, in which Times Mirror Co. owns a substantial interest, also announced 1987 net income of $2.03 million, compared to $1.23 million for 1986.