Nokia Siemens Networks Looks to Sell More Non-Core Assets (NOK) (SI)
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Nokia (NYSE: NOK) and Siemens' (NYSE: SI) Nokia Siemens Networks (NSN) joint venture might be in the process of evaluating the sale of non-core assets, putting pressure on both stocks Monday morning.
According to reports, NSN CEO Rajeev Suri said the JV is in talks with private buyers about the asset sale so NSN will be able to refocus on its mobile broadband business. Comments were made at the Mobile World Congress in Barcelona over the weekend.
Sale price or value on the non-core assets weren't immediately available.
Competitor Ericsson AB (Nasdaq: ERIC) said it is currently not interested in acquiring the assets from NSN.
Late last year, NSN sold its microwave unit to DragonWave (Nasdaq: DRWI), its WiMax business to NewNet Communications, and fixed-line ops to Adtran (Nasdaq: ADTN). It's current strategy is to reduce costs by €1 billion per year.
Ahead of the bell, Nokia shares are off over 6.5 percent while Siemens is about 1 percent lower.
According to reports, NSN CEO Rajeev Suri said the JV is in talks with private buyers about the asset sale so NSN will be able to refocus on its mobile broadband business. Comments were made at the Mobile World Congress in Barcelona over the weekend.
Sale price or value on the non-core assets weren't immediately available.
Competitor Ericsson AB (Nasdaq: ERIC) said it is currently not interested in acquiring the assets from NSN.
Late last year, NSN sold its microwave unit to DragonWave (Nasdaq: DRWI), its WiMax business to NewNet Communications, and fixed-line ops to Adtran (Nasdaq: ADTN). It's current strategy is to reduce costs by €1 billion per year.
Ahead of the bell, Nokia shares are off over 6.5 percent while Siemens is about 1 percent lower.
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