Nokia Siemens To Sell Off Non-Core Assets

Chief Executive Officer of Nokia Siemens Network (the phone equipment venture between Nokia Oyj and Siemens AG) Rajeev Suri, explained that the company is currently engaged in talks with various potential buyers for the sale of its non-core assets.

Suri so far confirmed: "We are already negotiating with buyers to sell some assets".

He further stated: "We are taking other assets into maintenance mode, shifting investments out into other segments," reported Business Week.

Last November, Suri said that the company would be scaling back their product lines in order to focus on mobile broadband networks as well as the relevant services to make them more profitable. The division has faced losses in all but two quarters since being established back in April 2007.

The latest strategy executed by Nokia Siemens is the reduction of their annual costs by approximately 1 billion euros ($1.3 billion). In November last year the company announced that it would abolish 17,000 jobs globally by the end of 2013 - amounting to 23 per cent of the company's total workforce.