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DALLAS/FORT WORTH -- GTE Directories has announced that it has become the majority partner in a joint venture with Dallas-based entrepreneur Gavin M. Susman to publish telephone directories in Hungary, through acquisition of Susman's assets in the Hungarian Yellow Pages. GTE now holds a majority of the new company, GTE Yellow Pages Publishing Hungary Kft, which is based in Budapest. Terms of the agreement were not announced.
GTE Yellow Pages Publishing Hungary will initially produce five Yellow Pages directories; one covering Budapest and four regional directories. The directories are "independent" products, produced without affiliation with the national telecommunications provider. The Budapest directory is scheduled for distribution in mid 1996, with the remainder being published throughout the year and into early 1997. By the end of 1995, 73 Hungarians will be employed by the new company.
Our new Hungarian operation represents a continuation of our European strategy, which began last year with our joint venture in BELGACOM Directories Services," said Douglas C. LaVelle, senior vice president with GTE Directories. BELGACOM Directories Services publishes telephone directories for BELGACOM, Belgium's official telecommunications provider.
"Hungary also represents an exciting opportunity for us to expand into the growing economies of Eastern Europe," LaVelle added. "We are learning from our experiences in Europe that independent directories have tremendous potential, and we plan to provide directories in Hungary that meet the emerging needs of local businesses and consumers."
GTE Directories, based in Dallas/Fort Worth, is one of the world's largest telephone directory companies. It annually publishes or provides sales, consulting and other services relating to 1,200 directory titles in 41 U.S. states and 15 countries. It does business internationally in Europe, Canada, Latin America and Asia. The company was named a 1994 winner of the Malcolm Baldrige National Quality Award, which is conferred by the President of the United States in recognition of U.S. companies that have outstanding quality management systems. GTE Directories is a unit of Dallas/Fort Worth based GTE Information Services, a part of GTE Corp., Stamford, Conn.