Compania Telefonica Nacional de Espana is close to agreement with AT&T-Philips Telecommunications BV to manufacture telephone exchanges in Spain. The joint venture, with initial annual outpud of some $50m starting in 18 months’ time or so, would be the third company making switches locally – Alcatel and Ericsson already have plants there. Telefonica is also negotiating to take 49% of a $17m venture to manufacture phones in the Soviet Union.
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