Ad
Ad
Ad
Ad
Ad
© otnaydur-dreamstime.com Electronics Production | May 03, 2013

Ericsson to sell power cable operation to NKT Cables

Ericsson has signed a conditional agreement with Danish company NKT Cables to divest its power cable operation.
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)

Comments

Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Ad
Ad
Load more news
December 13 2017 10:15 PM V8.9.2-2