Nokia, Siemens recommit to infrastructure JV

Nokia Siemens Networks issued a short press release today saying that its ownership structure will remain the same, and the company will take further steps to improve its competitiveness as a standaone entity, but did not name what those steps would be.
“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. NSN said Nokia and Siemens had completed the process of reviewing private-equity interest in NSN. Several private-equity firms were said to be interested in a stake in the joint venture, but likely were pricing the sale low.
“Nokia Siemens Networks has made good progress in its turnaround plan, with first quarter 2011 results marking 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,” the company said in the press release.