Finland’s Nokia said Monday it has agreed to acquire Siemens’ entire 50 per cent stake in equipment joint venture Nokia Siemens Networks for a total of €1.7bn.
German equipment firm Siemens has signed an agreement to offload much of what remains of its communications R&D operations to Nordic IT services firm Tieto. The Finnish company will take on the Network Directory Server (NDS); IP Multimedia Systems (IMS); Home Location Register (HLR) and Radio Access (RA) businesses from a unit called Siemens Convergence Creators.
Network infrastructure vendor Nokia Solutions and Networks (NSN) has seen its net sales drop by almost 15 per cent year on year to €2.76bn from €3.23bn in 2Q12 in the second quarter 2013.
Nokia Siemens Networks’ search for a willing buyer for a stake in the ailing JV appears to have staggered to a halt, with reports emerging that Nokia and Siemens have agreed to rather invest more of their own cash in an effort to revive the partnership’s fortunes. Reports in the Wall Street Journal suggest that plans to sell a controlling stake in the venture to a consortium including private equity investors were about to fall through, with Reuters quoting telecoms analyst Earl Lum as saying that “Any potential investor would need to see some light at the end of the tunnel with regard to profitability for NSN.”
It’s not often we write about German vendor Siemens anymore, given its departure from the telecoms space. But the firm is still paying for its joint venture with Nokia, on Thursday announcing an impairment charge of €1.634bn on its partnership in Nokia Siemens Networks (NSN).
It looks like enterprise networking firm Avaya has emerged as the winning bidder for Nortel’s own corporate communications unit, with an offer of close to $1bn.
Two bidders have tabled offers for the enterprise networking business of collapsing Canadian kit vendor Nortel, ahead of the auction scheduled for Friday.
German manufacturing firm Siemens said Wednesday it has set aside a provision of Eur1bn in fiscal 2008 as settlements in ongoing corruption investigations against the company. In an announcement the firm said, “This current estimate is based on the status of ongoing discussions being held between the company and authorities in Germany and the US.” [...]
German conglomerate Siemens appears keen to hold onto its stake in the Nokia Siemens Networks joint venture, despite previously expressing concern about its potential. On Thursday, Siemens’ equity Investment unit posted a loss of Eur11m in the quarter to end September 30, compared to a Eur75m gain in the same period a year earlier. The [...]
German vendor Siemens has confirmed that it is unsatisfied with the performance of the carrier kit joint venture it operates with Nokia. Nokia Siemens Networks, which has only been in operation since April this year, did not get off to a good start. On the day of its launch, the Finnish-German joint venture warned of [...]
The rot caused by the Siemens corruption probe continues to spread, as a former senior exec at the company quits his current position at Deutsche Telekom. Lothar Pauly, a member of Deutsche Telekom’s board of management in charge of system business, production, IT and central procurement, requested Thursday that the supervisory board relieve him of [...]
The board of directors for German vendor Siemens voted in Peter Loscher as its new president and CEO on Sunday. Loscher, currently president of global human health at pharmaceutical giant Merck & Co., will replace the outgoing Klaus Kleinfeld, when he steps down at the end of June. “In Peter Loscher, we have found an [...]
German vendor Siemens could pick a new chief executive officer over the weekend, as it emerges that an extraordinary meeting of the supervisory board will take place on Sunday. Reports suggest the board will seek to nominate and vote on a new CEO to replace outgoing president and chief executive, Klaus Kleinfeld. Kleinfeld said in [...]
German vendor Siemens said Monday it will appeal the decision of the Darmstadt regional court requiring it to pay Eur38m, following the conviction of two former managers in the first of several corruption allegations. The German court gave Andreas Kley, a former manager at Siemens’s power-generation unit, a two year suspended sentence for bribery, and [...]
The president and chief executive officer of German vendor Siemens, Klaus Kleinfeld, said this week that he will step down from his position when his contract expires in October. The move comes as the vendor is under investigation over allegations of corruption. “In times like these, the company needs clarity about its leadership,” said Kleinfeld. [...]
Infrastructure vendor Nokia Siemens Networks scored another WiMAX contract Thursday, after being tapped by UK service provider Pipex Wireless to deliver kit for its nationwide network. Pipex and Nokia Siemens are now working on 802.16e-2005 equipment specification, network design and service definition in readiness for a pilot deployment during this year, the company said. Nokia [...]
Monster vendor Nokia Siemens, which started operations as a merged entity on Sunday, has warned of a slowdown in growth of the infrastructure market. The Finnish-German joint venture said that “over the last couple of months there has been a narrowing of visibility and indications of a slowdown in spending in some regions”. Updating its [...]
The US Department of Justice has stepped into the investigation around Siemens’ involvement in a slush fund scandal that is already being investigated by German prosecutors. The corruption affair centers around the firm’s involvement in a missing Eur 200m (£132m) which, prosecutors allege, were transferred into foreign accounts and used as a slush fund for [...]
Following the mega-merger between Nokia and Siemens last year, the new entity on Monday said it would start sharing its proposed product portfolio plan with employees and customers as early as next week. The company said planning is still underway to assess the personnel, site and country-level impact of the proposed portfolio as well as [...]
German vendor Siemens bowed to pressure from workers union IG Metall on Friday and agreed to finance job placement companies for the dismissed workers of failed Taiwanese-German joint venture, BenQ Mobile. BenQ Mobile, which was established just over a year ago when the German firm effectively paid BenQ Eur50m to take the ailing division off [...]