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HUGHES ELECTRONICS CORPORATION

Hughes Electronics Corporation, a wholly owned subsidiary of General Motors Corporation, was formed on December 31, 1985, when General Motors acquired Hughes Aircraft Company from the Howard Hughes Medical Institute. Hughes Electronics consists of Delco Electronics Corporation; Hughes Aircraft Company; Hughes Telecommunications and Space Company; Hughes Network Systems, Inc.; and DIRECTV, Inc.

The origins of the company reach back to 1932, when aviator-industrialist-movie producer Howard Hughes formed an aircraft division within the Hughes Tool Company. Hughes Aircraft contributed to World War II by manufacturing armaments and radio equipment. Its role increased after the war to include advanced radar systems and radar guided missiles. Hughes Aircraft researched and developed applications for modern missiles, including guidance by not only radar but also lasers, wires, optical fibers, video and infrared imaging sensors. In addition to aircraft and missiles, Hughes Aircraft played a significant role in satellite development with its pioneering research in the areas of high resolution imaging, infrared imaging, thermal detection, and in-flight programmable radar signal processing.

MERGERS AND ACQUISITION

In 1985, General Motors bought the Hughes Aircraft Company and merged it with the DELCO Electronics division at GM. This new entity was renamed Hughes Electronics. In August 1992, General Dynamics sold its Missile Systems business to Hughes Aircraft Company (a division within Hughes Electronics) in exchange for approximately 21.5 million shares of General Motors Corporation (GM) Class H common stock. In December 1995, Hughes acquired Magnavox Electronic Systems Company, a leading supplier of military tactical communications, electronic warfare, and command and control systems, for $382.4 million. On January 16, 1997, Hughes Electronics defense operations (Hughes Aircraft) announced a merger with Raytheon, creating a $21 Billion entity. The deal was completed in the Fall of 1997.

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