Nokia sells modem business to Japan firm
By Terhi Kinnunen |
July 7, 2010, Wednesday
|
Print Edition
Print Edition
NOKIA Oyj is selling its wireless modem business as it drops non-core operations to focus on its key phone unit that is under pressure from rivals such as Apple.
Nokia, the world's top mobile phone maker, said yesterday it is selling the wireless modem business to Japan's Renesas Electronics for US$200 million and the companies will form an alliance to develop modem technologies.
Finland's Nokia issued a profit warning in June, its second in less than two months, as it struggles to compete against Apple's iPhone.
Analysts said yesterday that Nokia's move to divest non-core research and development was a continuation of its earlier decisions to outsource component development.
Renesas Electronics said the deal would offer it a one-stop mobile platform.
Nokia, the world's top mobile phone maker, said yesterday it is selling the wireless modem business to Japan's Renesas Electronics for US$200 million and the companies will form an alliance to develop modem technologies.
Finland's Nokia issued a profit warning in June, its second in less than two months, as it struggles to compete against Apple's iPhone.
Analysts said yesterday that Nokia's move to divest non-core research and development was a continuation of its earlier decisions to outsource component development.
Renesas Electronics said the deal would offer it a one-stop mobile platform.
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