Nokia Siemens to sell its optical fiber networks unitDecember 3, 2012 - 14:19 AMT PanARMENIAN.Net - Mobile telecoms equipment maker Nokia Siemens Networks (NSN) said on Monday, Dec 3, it is to sell its optical fiber networks unit to Marlin Equity Partners, according to Reuters. NSN didn't give any financial details for the sale but said it would be completed in the first quarter of next year. As 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 statement. 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 Korea. The restructuring is expected to result in 1 billion euros ($1.3 billion) of cost savings by the end of next year. Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |