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ABB, the international electronical engineering company, and the All-Russian Electrotechnical Institute, or VEI, have signed an agreement to form a joint venture company in Russia, the company announced in a press release Tuesday.
The venture, ABB VEI Metronics Ltd., will produce electricity meters and ABB will own 80 percent of the new company, while VEI will own the remaining 20 percent.
ABB VEI Metronics will produce solid state micro-processor meters to measure electric consumption. Production of the meters is due to start in 1994.
ABB in Joint Venture
16 March 1994
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