P. M. BRIEFING : GM Announces Brazil Venture
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DETROIT — General Motors Corp. said today its Packard Electric division will manufacture automotive and telecommunications parts in Brazil by early 1990 through a joint venture with a subsidiary of a Swedish firm.
Packard, headquartered in Warren, Ohio, will be associated with Ericsson do Brasil, a company owned by L. M. Ericsson of Sweden that has participated in the Brazilian telecommunications market since 1924.
The giant U.S. auto maker will own 50% of the new company, headquartered about 60 miles northeast of Sao Paulo. The company expects to start operations Feb. 1 and employ about 600 workers.
A spokesman for Packard said the joint venture will supply the Brazilian automotive and telecommunications markets only, and that no export of parts to North America is planned.
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