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Manufacturing/Packaging  

Nokia strips off auto line to Novero

Posted: 19 May 2008     Print Version  Bookmark and Share

Keywords:automotive 

Nokia Corp. signed an agreement with a new company, Novero GmbH, on the divestment or Nokia's line fit automotive business. Novero is partly owned by Razyan Olosu, the former head of Nokia's Enhancement Unit. The firm is also owned by Equity Partners GmbH, a German private equity firm focusing on company acquisitions in the German lower mid-market.

The transaction would enable continued employment for approximately 240 employees of the line fit automotive business in Bochum, Dusseldorf and Detroit. The parties anticipate closing the transaction in June 2008. However, this remains subject to customary closing conditions, including regulatory approvals.

Novero plans to strengthen the main operations of the line fit automotive business in Germany and the United States, and increase the focus and dedication in serving the current customers in the automotive industry.





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