Harald Schrack wants to cash in his holdings in the company he founded, Schrack Elektronik GmbH, and L M Ericsson Telefon AB has agreed to buy 33.5% for an undisclosed sum. The Vienna-based company supplies public exchanges to Austrian Telecom and builds Ericsson MD110 PABXs under licence in Kindberg. Another 49.5% is to be bought by a group of Austrian banks, leaving 17% of the $220m-a-year company with Schrack. It will now export Ericsson products to Eastern European countries.
