Nokia and Siemens to keep Nokia Siemens Networks
Finnish mobile phone maker Nokia and German industrial giant Siemens will keep their Nokia Siemens Networks (NSN) venture after considering selling part of it, NSN said on Wednesday.
"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.
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 important restructuing efforts in the recent years.
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.
© 2011 AFP