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Electronics Production | June 17, 2008

Transfer of Nokia's line fit automotive<br>business to Novero completed

Nokia and Novero has said that the transfer of Nokia's line fit automotive business in Bochum and Düsseldorf, Germany, and Detroit, USA to Novero has been completed.
Novero is owned by Razvan Olosu, the former head of Nokia's Automotive business and Enhancements unit, and Equity Partners, a German private equity firm. With this transfer Novero assumes full ownership of the line fit automotive business, effective June 16, 2008. The transaction will enable continuance of the employment for approximately 230 employees of the line fit automotive business.

Novero plans to strengthen the main operations of the line fit automotive business in Germany and the United States, and increase the focus in serving the current customers in the automotive industry.

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