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GENERAL ELECTRIC USA AND AEG TO ENTER VENTURE INVOLVING LOW VOLTAGE BUSINESS

 FRANKFURT, Germany, Dec. 8 /PRNewswire/ -- General Electric USA (GE) and AEG Aktiengesellschaft today announced an agreement involving AEG's Low Voltage business.
 Power Controls B.V., an existing 50/50 joint venture between GE and GEC of the U.K., will acquire a majority share of AEG's Low Voltage business, combining sales of about $450 million and $280 million, respectively. GE, which has operational control of Power Controls B.V., will maintain industrial leadership of the new venture. Under the agreement, AEG will remain a significant minority share holder in the newly combined venture.
 Power Controls B.V. and AEG Low Voltage serve the European market with products that distribute and control electrical power.
 The transaction requires governmental review and approval by the respective boards of directors. It is expected to close in the first half of 1994.
 Financial details of the transaction were not disclosed.
 -0- 12/8/93
 /CONTACT: George Jamison of GE, 203-373-3044, or home, 203-426-7912/
 (GE)


CO: General Electric USA; AEG Aktiengesellschaft ST: Connecticut IN: CPR SU:

PS -- NY050 -- 1724 12/08/93 11:30 EST
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Publication:PR Newswire
Date:Dec 8, 1993
Words:179
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