GE Hungarian Deal
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.
