Nokia and Siemens have completed a strategic review of their joint venture, Nokia Siemens Networks, and have decided against pursuing a private equity investment or sale.
“We believe that the current shareholders are in the best position to further enhance the value of the company,” said Olli-Pekka Kallasvuo, chairman of Nokia Siemens Networks.
The company cited “good progress” in its turnaround plan, with first quarter 2011 results marking a third successive quarter of year-on-year reported net sales growth, as well as a fifth quarter of non-IFRS operating profits since it announced its change in strategy in November 2009.
Nokia Siemens Networks will undertake further steps to improve its efficiency and competitive position, while strengthening its capabilities in mobile broadband, services and customer experience management to drive and support customer roadmaps.
“Nokia and Siemens have reaffirmed their commitment and continue to be strong supporters of Nokia Siemens Networks,” said Rajeev Suri, chief executive officer of Nokia Siemens Networks. “With us, they share the common goal of ensuring that Nokia Siemens Networks will be a sustainable and powerful leader in the industry, benefiting from its strength in innovation.”http://www.nokiasiemensnetworks.com
