Westinghouse Electric Corp. said it set up...
Westinghouse Electric Corp. said it set up an electrical transmission and distribution equipment venture with engineering group ABB Asea Brown Boveri AG, but has shelved plans for a partnership on steam turbines after objections from the U.S. government. The joint company, Westinghouse ABB Power T&D; Co., will be owned 55% by the Pittsburgh-based electrical firm and 45% by ABB, which is controlled by Swedish and Swiss companies. The government charged in a lawsuit that the ventures would harm competition in the electronics market, but the companies were able to proceed under a consent decree.
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