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Nokia, Siemens locked in telecom JV till 2013

Posted: 08 Oct 2007     Print Version  Bookmark and Share

Keywords:Nokia-Siemens JV  telecommunications 

Nokia Corp. and Siemens AG are locked in their telecommunications equipment joint venture until 2013, according to industry sources, dispelling rumours that Siemens may be exiting the partnership.

This is according to a Reuters report, which stated that German union IG Metall earlier disclosed it expects Siemens to take its 50 per cent stake as Peter Loescher, the new chief executive, has taken on a critical review of assets of the German conglomerate, wanting to get rid of non-core ventures.

The speculation that Siemens would exit the JV grew after union official said Nokia Siemens Networks would likely be the first among several JVs Siemens might pull out of. However, sources countered that Nokia chief financial officer Rick Simonson had announced on a conference call in August that the two companies are in a six-year deal.

Nokia and Siemens declined to comment.

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