Nokia Siemens sells fixed broadband to Adtran
HELSINKI (AP) — Nokia Siemens Networks says it will sell its fixed line broadband access business and transfer 400 personnel worldwide to Adtran Inc.
The Finnish-German joint venture says the acquisition by the Huntsville, Alabama-based company is expected to be closed by April. It includes the broadband section's intellectual properties, technologies and its established customer base.
Nokia Siemens said Monday the deal was in line with the company's new strategy to increase focus on mobile broadband networks and services.
Last month, Nokia Siemens announced 17,000 job cuts worldwide in a move to cut annual costs by €1 billion ($1.35 billion) by 2013 as it slims down with a view to becoming an independent company.