Nokia and Siemens keep NSN joint venture
The Local · 13 Jul 2011, 17:24
Published: 13 Jul 2011 17:24 GMT+02:00
"Nokia and Siemens have reaffirmed their commitment and continue to be strong supporters of Nokia Siemens Networks," NSN head Rajeev Suri said in a statement that added the company had completed a review of potential private equity investors.
"Nokia Siemens Networks plans to take further steps to improve the competitiveness of the company as a standalone entity," the telecom networks company said.
The joint venture provides networking and telecommunications equipment and operates in more than 150 countries.
Wednesday's statement follows a report in the Wall Street Journal last month that Nokia and Siemens had failed to find NSN investors and would thus hang onto the company, which has been through what were described as important restructuring efforts, over recent years.
After the announcement, Nokia stock fell briefly below €4 ($5.65), a low not seen since January 1998.
In Frankfurt, Siemens shares were up 1.54 percent to €94.01 ($133.03) in a market up 0.84 percent.
Founded in 2007, NSN has 60,000 employees and competes with Swedish giant Ericsson, US-French group Alcatel Lucent and Chinese firms ZTE and Huawei in the construction and operation of mobile phone and Internet networks.