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SAO PAULO, July 18 (Reuters) – Brazil’s WEG SA on Monday said it has signed binding documents with Algeria’s Cevital Group to create a joint venture that will produce electric motors for washing machines.
The new company, WEG Algeria Motors SpA, will have an initial focus on the Algerian and North African markets, WEG said in a securities filing, noting that it will own 51% of the business and Cevital will hold the…