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IBM is thought to have paid about $10m for its 25% stake in Chatsworth, California optoelectronic twoway conversion devices manufacturer PCO Inc (CI No 1,091): the company, which employs about 175 people and is doing $15m to $20m in annual sales – it moved into profit last year, was formed as a joint venture between Plessey Co Plc, Corning Glass Works and employees, who held 20% before the IBM investment, and Corning the balance, hav ing bought Plessey out in 1986; Corning’s stake in the company is now cut to 65% and employees 10%.

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