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GE Hungarian Deal

November 16, 1989|From Associated Press

BUDAPEST, Hungary — The U.S. industrial giant General Electric Co. has agreed to buy controlling interest in the Budapest-based Tungsram company in a $150-million deal that would be the largest postwar business investment in Hungary by a Western company, the state news agency MTI reported Wednesday.

Tungsram is one of Hungary's largest industrial companies with 12 manufacturing plants. Annual sales amount to about $300 million, and 85% of its products are marketed abroad.

Under the terms of a joint venture agreement negotiated with the Hungarian Credit Bank, GE's General Electric Lighting unit will purchase slightly more than 50% of Tungsram.

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