Nokia Corp. and Siemens’s joint venture Nokia Siemens Networks (NSN) on Wednesday announced that the companies will continue to keep up with their business venture after failing to secure stakeholders for a part of it.
"We believe that the current shareholders are in the best position to further enhance the value of the company," stated Olli-Pekka Kallasvuo, the current chairman of NSN while announcing that the company failed to strike a deal with any bidder, reports Bloomberg.
The Finland-based Nokia and Germany’s Siemens AG venture is currently in an unprofitable state and investments from present stake holders seems a tough task as NSN is definitely a less expertise based avenue while Nokia is already faces challenges in its mobile phones business.
NSN has been in an unprofitable business except the first quarter since its inception. The company has even reduced its workforce and partnered with Motorola Inc. in order to for some greener pastures. Both the partners are looking for a new stakeholder to sell a certain ownership of the venture to bring in some cash and new strategies.
The company with 60,000 headcount has tough competition with other mobile developing companies Ericsson, Alcatel Lucent and ZTE.