ViewSonic Corporation Acquires Nokia Display Products' Branded Business
Nokia announced last week, that Elcoteq has acquired Nokia's monitor manufacturing unit in Pécs, Hungary. Elcoteq will provide contract-manufacturing services to ViewSonic for the Nokia branded display products.
"This strategic acquisition reinforces ViewSonic's commitment as a leading provider of Visual Technology on a global basis," said James Chu, Chairman and CEO of ViewSonic Corporation. "Nokia is a well-respected company, and their award-winning display technology products are known for their innovation and superior brand recognition. We are excited to join forces with another leader in premium display technology as part of our worldwide expansion plans."
Commenting on the changes Reijo Lantto, President of Nokia Display Products, said: "We believe that Nokia's branded display business will be developing very favorably with the new owner. ViewSonic will be able to leverage and build upon Nokia Display Products' established position in the European markets. The two companies have great synergies in their business models and this acquisition will create a very strong global player in the high quality display market."
Compatible Product Lines and Synergies
For the past 10 years, ViewSonic's name has been synonymous with high-quality, next-generation Visual Technology products throughout North America. Nokia, on the other hand, is considered the undisputed leader in this product segment throughout Europe. "This acquisition brings together two great companies with very similar business practices and synergies. We are both driven by the desire and commitment to develop and provide the best display technology products in the world, and combined, we will be able to do even greater things," said Chuck McArthur, Chief Operating Officer at ViewSonic Corp.
Nokia is paving the way to the mobile information society with its innovative products and solutions. Nokia is the leading mobile phone supplier and a leading supplier of mobile, fixed and IP networks including related services. It also supplies multimedia terminals and computer displays. In 1998, net sales totaled EUR 13.3 billion (USD 15.7 billion). Headquartered in Finland, Nokia is listed on the New York (NOK), Helsinki, Stockholm, London, Frankfurt and Paris stock exchanges and employs more than 53 000 people. For more information, www.nokia.com
ViewSonic Corporation, a leader in Visual Technology products, offers comprehensive display solutions for today's business, Internet, education and entertainment markets. The company's products have won more than 600 awards globally from independent publications and organizations. ViewSonic's leadership position is further supported by its position as No. 1 best selling independent monitor brand in the United States (Stanford Resources, Monitrak Q3 '99).
Headquartered in Walnut, Calif., ViewSonic was founded in 1987 and is a privately held corporation with over $1 billion in worldwide annual sales. For further information, please contact ViewSonic Corporation at tel: 800.888.8583 or 909.869.7976; fax: 909.468.3736. Internet: www.viewsonic.com.