George Young, the eldest brother of AC/DC co-founders Malcolm and Angus Young, has died at the age of 70.

A former member of THE EASYBEATS, George co-produced AC/DC's early albums, including "TNT", "Dirty Deeds Done Cheap" and "Let There Be Rock". He started his own production company when THE EASYBEATS split in 1970 and was inducted into the ARIA Hall Of Fame in 1988 and again as a member of THE EASYBEATS in 2005. He returned to co-produce AC/DC's 1988 album "Blow Up Your Video" and 2000's "Stiff Upper Lip".

AC/DC said in a statement the band would not exist without Young's "help and guidance".

"As a musician, songwriter, producer, advisor and much, much more, you could not ask for a more dedicated and professional man," the statement read.

"You could not ask for a finer brother. We will always remember him with gratitude and hold him close to our hearts."

It is with deepest sorrow that we inform you of the death of Malcolm Young, beloved husband, father, grandfather and brother. Malcolm had been suffering from Dementia for several years and passed away peacefully with his family by his bedside.

Renowned for his musical prowess Malcolm was a songwriter, guitarist, performer, producer and visionary who inspired many. From the outset, he knew what he wanted to achieve and, along with his younger brother, took to the world stage giving their all at every show. Nothing less would do for their fans.

Malcolm is survived by his loving wife O'Linda, children Cara and Ross, son-in-law Josh, three grandchildren, sister and brother.

While thanking all for their overwhelming support and heartfelt condolences, the family ask that you respect their privacy during this time of heartbreak and grief.

For those wishing to send messages to the family please visit the Sydney Morning Herald Malcolm Young Memorial website which will be available next week.

The family have asked instead of flowers to send donations to The Salvation Army.