“We believe that the current shareholders are in the best position to further enhance the value of the company”
Nokia and Siemens have announced that they will not consider looking for private equity investment in Nokia Siemens Networks, and have reaffirmed their commitment to company.
Nokia Siemens Networks confirmed today that a review for assessing private equity interest in the company had been completed. The result of that assessment was that Nokia and Siemens remain the best owners of the business.
“We believe that the current shareholders are in the best position to further enhance the value of the company,” said Olli-Pekka Kallasvuo, chairman of Nokia Siemens Networks.
Nokia Siemens Networks said it has made “good progress in its turnaround plan”. It claimed that first quarter 2011 results marked a third successive quarter of year-on-year reported net sales growth, as well as a fifth quarter of non-IFRS operating profits since it announced its change in strategy in November 2009.
Along with ongoing efforts to generate cost savings, Nokia Siemens Networks plans to take further steps to improve the competitiveness of the company as a standalone entity, driving further efficiency while strengthening the company’s innovation capabilities in mobile broadband, services and customer experience management.
“Nokia and Siemens have reaffirmed their commitment and continue to be strong supporters of Nokia Siemens Networks,” said Rajeev Suri, chief executive officer of Nokia Siemens Networks. “With us, they share the common goal of ensuring that Nokia Siemens Networks will be a sustainable and powerful leader in the industry, benefitting from its strength in innovation.”