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Hughes May Build Satellites for Russia

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(Bloomberg News)

Hughes Corp. said it has reached a preliminary agreement to supply telecommunications satellites to Russia. Negotiations between Hughes and Russian Satellite Communications Co. are expected to be complete within a few months, Hughes spokesman Don O’Neil said. Further details weren’t provided. If a contract is signed, the Westchester-based subsidiary of General Motors Corp. is expected to build as many as three satellites to replace aging ones controlled by the Russian company. The new spacecraft, which are expected to be in orbit by 2001, would provide communications services throughout Russia, the Middle East and parts of Asia and Europe. Shares of Hughes fell 25 cents to close at $58.625 on the New York Stock Exchange.

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