Nokia JV sells assets in push to cut costs

 
City A.M. Reporter
Mobile telecoms equipment joint venture Nokia Siemens Networks, which is focusing on its core business, will sell its optical fibre unit to US investment firm Marlin Equity Partners.

Up to 1,900 employees, mainly in Germany and Portugal, will be transferred to the new company, the company said yesterday. The sale price was undisclosed but estimated at around €200m (£162m).

The company, owned by Nokia and Siemens, has sold a number of product lines since it last year announced plans to divest non-core assets and cut 17,000 jobs, nearly a quarter of its total workforce, with many of these cuts made in the UK.

Nordea Markets analyst Sami Sarkamies said he expected more divestments after the optical unit deal.