The company formed a subsidiary two years ago that has invested $60 million in Argentina to buy a power plant and distribution system from the state.

In 2007 the bank formed a subsidiary in Venezuela, which rapidly developed a network of branches throughout the country.

As an alternative, the unions agreed to a profit-sharing arrangement if the company formed a new subsidiary, and operated under a different name.

They formed a subsidiary, Giuliani Capital Partners, for this purpose.

Commonwealth Edison agreed to an independent audit, seeking approval to form a nuclear-plant subsidiary.

It now forms a subsidiary of the Hertz Corporation.

Mr Williams claims it was agreed that he would be the beneficial owner of a 35pc stake in the subsidiary formed by the acquisition.

Also in 1892 the company formed a French subsidiary, Thomson Houston International.

The Boeing Aerospace Company has formed a new subsidiary to foster commercial ventures in outer space.

In addition, the partners formed a subsidiary called Mogul Metal Company where they launched various bearing innovations.