Published June 12, 1996 | By Nokia - Press Release
Nokia Announces Heads of Agreement to Sell Its Remaining Television Business
The Heads of Agreement does not include the tuner factory in Turku, Finland. The factory, producing components to various Nokia multimedia products, has an employment of 120 people.
"Turku TV-operations will be an essential part of the Semi-Tech world-wide consumer electronic business," says Mr Tapio Hintikka, President of the Nokia General Communications Products Business Group.
According to Mr Hintikka, the closing of the Nokia´s television factory in Bochum and the components factory in Ziemetshausen proceed as planned. The remaining Nokia´s television related manufacturing will be terminated in Germany in September, 1996.
The negative impact taken in connection with the discontinuation of the television business has been covered by the charge in the Nokia financial statements in 1995.
Semi-Tech (Global) Company Limited is controlled by Semi-Tech Corporation, a publicly listed company based in Toronto, Canada with its shares traded on the Toronto Stock Exchange and the Montreal Stock Exchange. Semi-Tech Corporation is the ultimate parent company of the Semi-Tech Group. The consumer electronic arm of the Semi-Tech Group, Akai Electric Co. Limited manufactured over five million TV-sets last year.
The Semi-Tech Group owns, among other things, a series of famous companies around the world: G.M. Pfaff A.G., the leading and most prestigous sewing machine company in Europe; the Singer Co. N.V., the world´s leading sewing and consumer durable distribution company; Sansui Electric Co. Ltd, and Akai Electric Co.Ltd., both of the worlds´ leading electronic companies based in Japan. The Group had a turnover approximately US$ 5 billion (HK$ 31 billion) last year and employs about 100,000 people in over 120 countries.
"Turku TV-operations will be an essential part of the Semi-Tech world-wide consumer electronic business," says Mr Tapio Hintikka, President of the Nokia General Communications Products Business Group.
According to Mr Hintikka, the closing of the Nokia´s television factory in Bochum and the components factory in Ziemetshausen proceed as planned. The remaining Nokia´s television related manufacturing will be terminated in Germany in September, 1996.
The negative impact taken in connection with the discontinuation of the television business has been covered by the charge in the Nokia financial statements in 1995.
Semi-Tech (Global) Company Limited is controlled by Semi-Tech Corporation, a publicly listed company based in Toronto, Canada with its shares traded on the Toronto Stock Exchange and the Montreal Stock Exchange. Semi-Tech Corporation is the ultimate parent company of the Semi-Tech Group. The consumer electronic arm of the Semi-Tech Group, Akai Electric Co. Limited manufactured over five million TV-sets last year.
The Semi-Tech Group owns, among other things, a series of famous companies around the world: G.M. Pfaff A.G., the leading and most prestigous sewing machine company in Europe; the Singer Co. N.V., the world´s leading sewing and consumer durable distribution company; Sansui Electric Co. Ltd, and Akai Electric Co.Ltd., both of the worlds´ leading electronic companies based in Japan. The Group had a turnover approximately US$ 5 billion (HK$ 31 billion) last year and employs about 100,000 people in over 120 countries.
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