International Business

AEG to Shut Headquarters: The German electrical equipment firm said it will close the Frankfurt offices, eliminating up to 700 jobs, once all its divisions have been sold or absorbed into parent Daimler-Benz. No date has been set for the closure. AEG Chief Executive Ernst Stoeckl had said that the Frankfurt operation would become superfluous once AEG’s units, as planned, have all been split into independent entities. They will be sold, absorbed by other Daimler-Benz units or taken over by Daimler itself. Though expected, the planned closing is added confirmation that the 112-year-old company will soon cease to exist. AEG suffered a net loss of $253 million in 1994.