Mobile telecoms equipment maker Nokia Siemens Networks (NSN) said on
Monday it is to sell its optical fibre networks unit to Marlin Equity
NSN didn't give any financial details for the sale but said it would be completed in the first quarter of next year.
a result of the deal as many as 1,900 employees, mainly in Germany and
Portugal, will be transferred to the new company, NSN said in a
Nokia Siemens Networks, which competes with Ericsson , Huawei and Alcatel Lucent ,
is undertaking a cost-cutting plan, which includes laying off a quarter
of its staff and selling product lines to focus on mobile broadband.
The joint venture between Nokia Oyj and Siemens AG
has been a drain on profits for owners Nokia and Siemens but it
reported record profits in the third quarter, helped by sales of
equipment for fourth-generation high-speed LTE networks in Japan and
The restructuring is expected to result in 1 billion euros of cost savings by the end of next year.
© Thomson Reuters 2012