Nokia and Siemens to Merge Mobile Networks

Jun 20, 2006


      Bookmark and Share

BEST PRACTICES SERIES

Siemens and Nokia Corp. have announced that they will combine their mobile network operations to create a joint venture with annual revenues of 15.8 billion euro ($20 billion). The 50-50 venture, to be called Nokia Siemens Networks, will consist of Nokia's network business group and Siemens' carrier-related operations. The deal was expected to close by the end of the year, pending regulatory approval, and both companies said that between 10% and 15% of staff positions, or about 9,000 jobs, would likely be cut over the next four years.

(www.nokia.com; www.siemens.com)