Nokia to buy back its stake in a joint venture with Siemens

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POSTER: computer news   ||   NOKIA TO BUY BACK ITS STAKE IN A JOINT VENTURE WITH SIEMENS	DATE:2013-07-01
Nokia low achievements in the field of manufacture of mobile phones and smart phones do not interfere with the Finnish manufacturer to invest in its development.  The industrial giant Siemens has agreed with Nokia to sell its shares in the joint venture Nokia Siemens Networks, which produce telecommunications equipment. It is expected that over the remaining half of the joint venture Nokia will pay 1.7 billion euros.  For Siemens it will be a chance to get rid of non-core asset, since the company does not attract investment in the production of equipment for wireless networks.  For Nokia, the deal opens up the opportunity to get full control of the division, which produces equipment for cellular networks.  Transaction will be financed partly by debt, and that at some time will become an encumbrance for the Finnish manufacturer who wants to cut operating costs by 1 billion euros by the end of this year.  However, borrowing money to buy shares of Nokia Siemens will provide itself  a period of one year, but it is a sum not exceeding ˆ 500 million.   The search for a strategic investor for Nokia Siemens Networks conducted since 2011, but was not successful.  After spending a staff reduction of 23%, a joint venture could slightly improve financial performance.  At the end of the first quarter headcount Nokia Siemens Networks was 56 700.  By the way, Siemens is not the only upcoming deal on the separation of non-core assets.  It is expected that produces light sources will soon leave the company Osram concern and gained independence.  It was also announced the closure of the enterprise for the production of solar panels, the units for the production of plumbing equipment and automation systems for baggage handling at airports.  Power factory, medical equipment and rail transport - these are activities that Siemens considers a priority.   Related Products :

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