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Nokia to sell its car electronics business
March 03, 1998
Nokia and Autoliv have reached an agreement under which Nokia sells its 50 per cent ownership in the joint venture Autoliv Nokia AB, as well as its other car electronics operations in Motala, Sweden to the Swedish Autoliv. Nokiaīs car electronics business is part of the Nokia Industrial Electronics division.
Autoliv Nokia ABīs and Nokia's car electronics operations include businesses related to air bag control, drive line, car display and car control modules electronics. Together they employ a total of 250 people in Motala, Sweden. The employees will all be offered to transfer to Autoliv Nokia AB.
"Nokia's car electronics business is not integrally related with the Groupīs core telecoms focus. They are profitable operations, experiencing change and growth. An owner focused in the sector opens enhanced opportunities for future growth and development for this business," says Hannu Suominen, President of Nokia Industrial Electronics.
The transfer of the business operations will be effective as of January 1, 1998. The sale of the business operations is subject to the approval of the Swedish antitrust authorities.
Headquartered in Finland, Nokia is a broad-scope telecommunications company supplying mobile phones, mobile and fixed telecommunications networks, data communications solutions, multimedia terminals and PC monitors. With sales in 130 countries, net sales totaled FIM 52.6 billion ($9.8 billion) in 1997. Nokia employs more than 36,000 people worldwide.
For more information, please contact:
Mr Hannu Suominen, Nokia Industrial Electronics
Tel. +358 2 771 2008
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