LG Electronics and Nortel will establish a 50-50 joint venture for providing telecommunications
equipment and networking solutions to Korea and other markets globally. Nortel said its intent is to invest in Korea to leverage the country's R&D talent. The joint venture will also market the entire Nortel portfolio of optical, wireless, wireline and enterprise products in Korea and, based on mutual discussion, in other markets as well.
"To be a global communications provider, it is imperative for us to expand our market share and compete in Asia," Nortel CEO Bill Owens.
""Telecommunications equipment is very closely related to mobile phones in development," said Mun Hwa Park, President, Mobile Communications Company, LG Electronics. "In developing hi-tech mobile phones, LG Electronics will collaborate with Nortel to be better positioned in setting standards for next-generation devices and developing technologies. Based on this, LG Electronics is expected to reduce the developing time for next-generation terminals and maintain its leading technology in global mobile phone market."http://www.nortel.com
http://www.lge.com
- Last week, Nortel announced a joint venture partnership with China Putian Corporation for research and development (R&D), manufacture and sale of third generation (3G) mobile telecommunications equipment and products to customers in China. China Putian, a state-owned enterprise, is one of the largest telecommunication equipment manufacturers in China.
