Nokia and Siemens have completed a review for assessing private equity interest in Nokia Siemens Networks and have both reaffirmed their commitment to the company.
“We believe that the current shareholders are in the best position to further enhance the value of the company,” says Olli-Pekka Kallasvuo, chairman of Nokia Siemens Networks.
He adds that Nokia Siemens Networks has made good progress in its turnaround plan, with first quarter 2011 results marking a third successive quarter of year-on-year reported net sales growth, as well as a fifth quarter of non-IFRS operating profits since it announced its change in strategy in November 2009.
Along with ongoing efforts to generate cost savings, Nokia Siemens Networks plans to take further steps to improve the competitiveness of the company as a standalone entity. For example, Nokia Siemens Networks plans to drive further efficiency while strengthening the company’s innovation capabilities in mobile broadband, services and customer experience management to drive and support customer roadmaps.
“Nokia and Siemens have reaffirmed their commitment and continue to be strong supporters of Nokia Siemens Networks,” said Rajeev Suri, CEO of Nokia Siemens Networks. “With us, they share the common goal of ensuring that Nokia Siemens Networks will be a sustainable and powerful leader in the industry, benefitting from its strength in innovation.”