Westinghouse, German Firm Form Joint Venture

Westinghouse Electric Corp. and AEG Aktiengesellschaft said they had signed the final agreement to combine their transportation businesses in a global joint-venture company.

The transaction was first announced in February.

The venture will build on the existing operations of both companies in the United States and West Germany and is designed to enhance development of technology in a number of mass transit systems.

AEG will hold controlling interest in the venture, the companies said.