AT&T Co is to invest more than $200m over the next four years on its APT-Espana SA telecommunications joint venture between Amper SA and AT&T’s AT&T-Philips Telecommunications BV joint venture. APT-Espana is expecting to start making sales of digital telephone exchanges to Telefonica de Espana SA next year, and other telecommunications projects are in the wind. Although funnelled through the joint venture with Philips, all the cash will come from AT&T and will turn the fledgling venture into a major centre for production and development of AT&T network products. It will also become the development and planning centre for AT&T for the whole of Europe, and will employ some 700 people. The Spanish market holds out enormous prospects, because a revitalised Telefonica is pulling out all the stops to build new switching capacity to meet a critical shortage of telephones – and is determined to be ready for the 1992 Olympiad in Barcelona, and for the planned Seville World Fair.