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Nokia to Sell its Audioelectronics Business
October 08, 1997
Nokia has signed a letter of intent under which the Group will discontinue its loudspeaker operations that are part of the Nokia Industrial Electronics division.
According to the letter of intent Nokia will sell its audioelectronics business to the US-based Harman International Industries. The letter of intent concerns the operations of Nokia Audio Electronics GmbH, which is located in Straubing, Germany, the operations of Nokia Audio Kft, located in Székesfehérvár, Hungary, and Nokia’s audioelectronics business in Motala, Sweden.
Nokia’s loudspeaker operations employ a total of 1173 people, 768 of whom work in Germany, 289 in Hungary and 116 in Sweden. The employees will transfer to Harman.
"Nokia’s audioelectronics businesses are profitable operations experiencing a period of change and growth. A strong international owner focused in the sector gives this businesses enhanced opportunities to grow and further develop," says Hannu Suominen, President of Nokia Industrial Electronics.
According to Hannu Suominen, the intention is to sign the final sale agreement as quickly as possible and to transfer the business operations to the new owner at the beginning of next year.
Harman International Industries, Incorporated (http://www.harman.com) is a leader in the design, manufacture and marketing of high-quality, high-fidelity audio products targeted primarily at the consumer, professional and OEM markets. The Company's stock is traded on the New York Stock Exchange under the symbol: HAR.
Headquartered in Finland, Nokia is a leader in digital technologies including mobile phones, cellular and fixed telecommunications networks, wireless data solutions and multimedia terminals. With sales in approximately 130 countries, net sales totaled FIM 39.3 billion ($8.5 billion) in 1996. Nokia employs more than 34,000 people in 45 countries. Nokia's shares are listed in Helsinki, New York, London, Stockholm, Frankfurt and Paris.
Further information:
Mr Hannu Suominen
Nokia Industrial Electronics
Tel. +358 2 771 2008
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