Nokia Siemens to sell optical networks unit
FRANKFURT (Reuters) - Mobile telecoms equipment maker Nokia Siemens Networks (NSN) said on Monday it is to sell its optical fibre networks unit to Marlin Equity Partners.
NSN didn't give any financial details for the sale but said it would be completed in the first quarter of next year.
As a result of the deal as many as 1,900 employees, mainly in Germany and Portugal, will be transferred to the new company, NSN said in a statement.
Nokia Siemens Networks, which competes with Ericsson (ERICb.ST), Huawei HWT.UL and Alcatel Lucent (ALUA.PA), is undertaking a cost-cutting plan, which includes laying off a quarter of its staff and selling product lines to focus on mobile broadband.
The joint venture between Nokia Oyj (NOK1V.HE) and Siemens AG (SIEGn.DE) has been a drain on profits for owners Nokia and Siemens but it reported record profits in the third quarter, helped by sales of equipment for fourth-generation high-speed LTE networks in Japan and Korea.
The restructuring is expected to result in 1 billion euros of cost savings by the end of next year. (Reporting by Harro ten Wold; Editing by Greg Mahlich)
- Tweet this
- Share this
- Digg this
- Two killed, four wounded in Washington state school shooting
- Google's Pichai to oversee major products and services
- Wall St. finally turning on Amazon as Bezos magic fades
- Reuters Poll - India's growth pace to pick up as reforms draw investment
- WHO says Ebola vaccine plans accelerating as trials advance
Google Inc Chief Executive Officer Larry Page has put Sundar Pichai, one of his key lieutenants, in charge of the Internet company's products. The India-born executive will have oversight over products such as search, maps, Google+, commerce, advertising and infrastructure. Full Article
Google bolsters artificial intelligence efforts, partners with Oxford. Full Article