Nokia and Siemens Join Forces
Nokia Siemens Networks was announced today as a joint venture of Nokia’s Network Business Group and Siemens carrier-related operations. The new company is poised to make considerable inroads in fixed and mobile product platforms and convergence. The company starts off with $20 billion in pro forma annual revenues and 60,000 employees. It will be second only to Ericsson/Marconi in terms of mobile infrastructure market share. Cost synergies for the new partnership are expected to reach $1.9 billion by 2010. The company will have regional headquarters in Munich and operational headquarters in Helsinki. Simon Beresford-Wylie, currently executive vice president and general manager of networks at Nokia and soon to be CEO of Nokia Siemens, proclaimed, “Nokia Siemens Networks brings the two finest teams in the communications industry together at an unprecedented time of industry change.”
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