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ACG'S PACKARD ELECTRIC PURCHASES REMAINING 40 PERCENT OWNERSHIP OF PE-VAS JOINT VENTURE IN HUNGARY

 WARREN, Ohio, Sept. 23 /PRNewswire/ -- Packard Electric Division of General Motors Corporation (NYSE: GM) has agreed to purchase the remaining 40 percent ownership from a joint venture with Villamossagi es Vasipari Szovetkezet, located in Szombathely, Hungary, according to Hans J. Weiser, president of GM's Automotive Components Group Europe and managing director of Packard Electric-Europe.
 In 1990, the joint venture, called Packard Electric Kabelsatze Vas Kft (PE-Vas), was formed with a 60/40 ownership agreement. It will now be 100 percent owned by Packard Electric.
 PE-Vas is a final assembly operation for automotive wiring harnesses. The company currently employs 378 people and is located in a customs-free zone on the Austrian/Hungarian border. PE-Vas operates as an extension of Packard Electric Burgenland which is 25 kilometers away in Austria.
 Packard Electric Division, which is a part of GM's Automotive Components Group Worldwide, is the world's largest manufacturer of automotive power and signal distribution systems. Headquartered in Warren, Ohio, Packard Electric employs approximately 65,000 people at 160 locations in 27 countries.
 -0- 9/23/93
 /CONTACT: Patricia K. Hawkins, 216-759-6214, or James B. Kobus Jr., 216-373-2348, both of Packard Electric/
 (GM)


CO: Packard Electric Division; Packard Electric Kabelsatze Vas Kft;
 Villamossagi es Vasipari Szovetkezet ST: Ohio IN: AUT SU: TNM


ML -- DE003 -- 5058 09/23/93 09:01 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
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