Nokia announces an agreement to sell its audio electronics business
According to the agreement, Nokia will sell its audioelectronics business to the US-based Harman International Industries. The agreement concerns the operations of Nokia Audio Electronics GmbH, which is located in Straubing, Germany, the operations of Nokia Audio Kft, located in Székesfehérvár, Hungary, and Nokias audioelectronics business in Motala, Sweden.
Nokias loudspeaker operations employ a total of 1173 people, 768 of whom work in Germany, 289 in Hungary and 116 in Sweden. The employees will transfer to Harman.
The effective date of business transfer is December 1, 1997.
Harman International Industries, Incorporated (http://www.harman.com) is a leader in the design, manufacture and marketing of high-quality, high-fidelity audio products targeted primarily at the consumer, professional and OEM markets. The Company's stock is traded on the New York Stock Exchange under the symbol: HAR.
Headquartered in Finland, Nokia is a leader in digital technologies including mobile phones, cellular and fixed telecommunications networks, wireless data solutions and multimedia terminals. With sales in approximately 130 countries, net sales totaled FIM 39.3 billion ($8.5 billion) in 1996. Nokia employs more than 36,000 people in 45 countries. Nokia's shares are listed in Helsinki, New York, London, Stockholm, Frankfurt and Paris.