Westinghouse Electric Corp. said it set up...
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Westinghouse Electric Corp. said it set up an electrical transmission and distribution equipment venture with engineering group ABB Asea Brown Boveri AG, but has shelved plans for a partnership on steam turbines after objections from the U.S. government. The joint company, Westinghouse ABB Power T&D; Co., will be owned 55% by the Pittsburgh-based electrical firm and 45% by ABB, which is controlled by Swedish and Swiss companies. The government charged in a lawsuit that the ventures would harm competition in the electronics market, but the companies were able to proceed under a consent decree.
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