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Nokia fully acquires NE-Products
September 17, 1998
Nokia has today announced that it will buy the remaining 30% share capital of NE-Products Oy, Finland from Elektrobit Oy. NE-Products has been a joint venture of Nokia and Elektrobit since 1994. The company developes and manufactures wireless payphones and other telecommunications related electronics. NE-Products will now be fully integrated into Nokia Mobile Phones' corporate structure.
All 25 employees of NE-Products will join Nokia. The acquisition does not affect any of the ongoing projects at NE-Products.
Elektrobit Oy is a growing and internationally operating telecommunications company focusing on wireless high-bit rate transmission and spread spectrum systems. The company's turnover grew 50% and amounted to more than FIM 120 million during the latest fiscal year. Elektrobit Oy operates in nine locations in Finland: Oulu, Tampere, Espoo, Salo, Kajaani, Raahe, Ylivieska, Kuopio and Varkaus. The Elektrobit Group includes Elektrobit Oy and five subsidiaries located in Finland, Switzerland and the United States.
Nokia is a broad-scope communications company supplying mobile phones, mobile and fixed telecommunications networks, wireless data communications solutions, multimedia terminals and computer monitors. In 1997, net sales totaled FIM 52.6 billion ($9.8 billion). Headquartered in Finland, Nokia is listed on the NYSE (NOK.A), has sales in 130 countries and employs more than 41,000 people worldwide.
Contact information:
Nokia Mobile Phones
Communications
Tel. +358 10 5051
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