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Industry: Email Alert RSS FeedNokia completes transfer Of Line Fit Automotive business to novero GmbH
Telecomworldwire, June 17, 2008
TELECOMWORLDWIRE-17 June 2008-Nokia completes transfer Of Line Fit Automotive business to novero GmbH(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com
Mobile communications company Nokia (NYSE:NOK) and novero GmbH announced on Monday (16 June) that the transfer of Nokia's line fit automotive business to novero has been completed.
The sale covered Nokia's line fit automotive businesses in Bochum and Dusseldorf, Germany, and Detroit, USA.
novero is owned by Razvan Olosu, the former head of Nokia's Automotive business and Enhancements unit, and Equity Partners GmbH, a German private equity firm. With the completion of this transfer novero now assumes full ownership of the line fit automotive business, effective 16 June 2008.
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The transaction will reportedly enable continuance of the employment for approximately 230 employees of the line fit automotive business.
Financial details of the transaction were not available.
((Comments on this story may be sent to tww.feedback@m2.com))
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