Nokia, Siemens confirm phone equipment business merger
Telephony heavyweights Nokia and Siemens AG tonight confirmed reports they planned to merge their communications service provider businesses into a new 50:50 joint venture, Nokia Siemens Networks.
In a statement issued shortly before 5pm AEST, the companies said the venture would incorporate the Networks Business Group of Finland mobile player Nokia and the carrier-related operations of German company Siemens AG.
The venture is expected to generate cost savings of 1.5 billion euros annually by 2010, with the initial 60,000 member workforce globally reduced by 6,000 to 9,000 employees over the next four years.
The combined company generated 15.8 billion euros in pro forma annual revenues based on the 2005 calendar year.
Full article: ZDNet Australia
Share This Post:
