Ericsson to sell power cable operation to NKT Cables

As a result of the agreement, about 320 employees and consultants, primarily based in Sweden, will transfer to NKT Cables. The value of the transaction is SEK 250 million and closing is expected during the beginning of the third quarter, 2013. The transaction is subject to relevant regulatory approvals. "NKT Cables is one of the largest power cable manufacturers in Europe. Ericsson believes that the power cable operation that currently resides within business unit Networks has potential to realize greater leverage and scale within NKT Cables where it will be core business," the company writes in a press release. The net sales for the power cable operation in 2012 was approximately SEK 1.5 billion. 1 SEK = 0.11714 EUR (Oanda.com 3 May 2013)