CHINA
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GE Drive Systems, China Plan Venture: General Electric Co. said its unit will form a high-technology joint venture with Shanghai General Rectifier Plant to manufacture, sell and maintain industrial drive systems in China. GE Shanghai Drive Systems Co. will be 51% owned by GE and 49% owned by Shanghai Electrical Apparatus Co., parent of Shanghai General. The initial investment will be $6.9 million and capital could reach $16 million, GE said. The systems are used to control sophisticated manufacturing processes in paper and steel mills and other factories.
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