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Tuesday, April 5, 2005
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Nokia to sell mobile radio business to EADS
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Nokia announced Tuesday (April 5) that it was on the verge of selling its Professional Mobile Radio business to the aerospace and defense systems supplier European Aeronautic Defense and Space Company
a move that would create a global player in the homeland security systems and secure wireless communications solutions market.
An Associated Press report said Nokia would sell is mobile radio business to France-based European Aeronautic Defense and Space Company, also known as EADS, for $116 million (90 million Euro). The company, which has over 130 customers in 56 countries, employs over 110,000 and generated revenue of 31.8 billion Euro ($43.3 billion)in 2004.
Under the proposed sale, 325 Nokia employees would be transferred to EADS, which would also gain infrastructure and terminals based on Nokia's TETRA infrastructure and terminals.
"This move enhances EADS' position in the global homeland security sector. Together, Nokia's TETRA and our TETRAPOL technologies create an excellent foundation for next generation solutions for mission-critical communications ," said Stefan Zoller, chief executive of EADS Defense and Communications Systems (DCS). "We see a global market potential in this field, of over EUR 10 billion within the next five years. By having the main technology platforms in our portfolio, we will be able to offer our customers innovative solutions, and serve their evolving needs."
The deal is expected to be completed by the year's end. |
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