Transfer of Nokia's line fit automotive business to novero GmbH completed
Espoo, Finland - Nokia and novero GmbH today announced that the transfer of Nokia's line fit automotive business in Bochum and Düsseldorf, Germany, and Detroit, USA to novero has been completed. novero is owned by Razvan Olosu, the former head of Nokia's Automotive business and Enhancements unit, and Equity Partners GmbH, a German private equity firm. With this transfer novero assumes full ownership of the line fit automotive business, effective June 16, 2008. The transaction will enable continuance of the employment for approximately 230 employees of the line fit automotive business.
"Nokia's line fit expertise combined with Razvan Olosu's established position in automotive business forms a solid foundation for novero to strengthen their operations. With his experience in this industry, the line fit business continues in good hands, allowing the business and customer relationships to go on smoothly", said Heikki Tenhunen, Vice President, Enhancements, Nokia.
Razvan Olosu, CEO of novero said: "We are pleased to conclude this deal and focus on implementing our strategy with full steam ahead. In-car mobile communication, information and entertaintaiment are becoming more and more common in the market, and the line fit automotive market is exhibiting solid growth rates. We are confident there will be great opportunities for us to continue this successful business."
novero plans to strengthen the main operations of the line fit automotive business in Germany and the United States, and increase the focus and dedication in serving the current customers in the automotive industry. novero aims to play a leading role in the growing market for automotive communications and multimedia solutions, and position itself at the forefront of innovation in the industry.
Nokia is the world leader in mobility, driving the transformation and growth of the converging Internet and communications industries. We make a wide range of mobile devices with services and software that enable people to experience music, navigation, video, television, imaging, games, business mobility and more. Developing and growing our offering of consumer Internet services, as well as our enterprise solutions and software, is a key area of focus. We also provide equipment, solutions and services for communications networks through Nokia Siemens Networks.
About Equity Partners
Equity Partners is a private equity firm based in Düsseldorf with EUR 1.1 bn assets under management that invests into companies in Germany and private equity funds globally. The firm invests into promising lower mid-market businesses (Mittelstand) in Germany, generally partnering with the management of the firm. Following a long-term strategy Equity Partners supports their companies to stay or become the leader in their respective markets.
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