SEOUL, South Korea-LG Electronics Co. Ltd. and Nortel Networks Ltd. said they completed a transaction that forms a joint venture between the two companies.
The LG-Nortel Co. Ltd. joint venture agreement, which was announced in August, calls for the companies to offer communications and networking solutions for wireline, optical, wireless and enterprise markets in South Korea and around the world.
The companies said they have garnered deals with KTF and SK Telecom for HSDPA/W-CDMA deployments within the last three months.
“Today marks the birth of a new breed of telecommunications company,” said S.S. Kim, chief executive officer and vice chairman of LG Electronics. “By combining the technological know-how and market understanding of two major players in the industry, we are confident we will be able to expedite the introduction of next generation solutions for the benefit of service providers and end users.”
