Electronics Production | May 01, 2005
Flextronics, Nortel deal delayed
The completion of Nortel Networks Corp.'s sale of its remaining factories to Signapore's Flextronics International Ltd. has been delayed by about a year, CPress Online reports.
Accordording to CPress Online, Nortel said a deal to transfer its manufacturing operations in Chateaudun, France, and Monkstown, Northern Ireland, as well as Calgary, Canada, won't close until the first quarter of 2006. The sale of those sites was previously to be finalized in the first half of this year. The outsourcing deal will affect about 2,500 Nortel employees. Nortel still expects to receive total cash proceeds of between $675 million and $725 million US from the sales but the timing of the cash payments are being discussed by Nortel and Flextronics, according to CPress Online.
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