BEIJING-Nortel Networks Ltd. said it has entered into a joint venture framework agreement with China Putian Corp. for research and development, manufacture and sale of third-generation equipment and products to customers in China.
Both companies plan to reach a definitive agreement by June 30, 2005.
The agreement builds on both companies’ memorandum of association signed last June to cooperate on R&D and manufacture of 3G equipment and products.
“It will position us to capitalize on the tremendous opportunities presented by China’s rapidly growing wireless industry and to significantly accelerate the internationalization of our 3G offerings,” said Xing Wei, president of China Putian.
In another development, a class-action lawsuit has dropped claims against Nortel Networks directors who served on its audit committees.
Earlier in the week, Nortel, the audit committee members and two terminated executives pulled out of the motion to dismiss the case filed against them.
