Champion Infotel recalls that the two telecommunications giants contributing their respective carrier networks businesses and corresponding assets into what is known as new 50:50 company.
Both parties also agreed to increase their respective net asset contributions to the new company, with Siemens expected to contribute EUR 2.4 billion (about N408 billion) and Nokia EUR 1.7 billion (about N28.9 billion).
The above contributions coupled with the global scale and size of Nokia Siemens Networks, industry observers pointed out, that it would be in a great position to play leading role in the industry by developing innovative, cost-efficient products and services.
NSN is reported to have one of the world’s best research and development (R&D) teams, who will assist in advancing development of product platforms and services for next-generation fixed and mobile networks.
Reaffirming the readiness of NSN, the chief executive, Nokia, Mr. Olli-Pekka Kallasvuo said that in consolidating the telecommunications market the new company is billed to offer customers cost-saving, leading-edge solutions that will also optimally meet their needs with regards to convergence.
For President Siemens AG, Mr. Klaus Kleinfeld, the launch of Nokia Siemens Networks, avails the company to be a strong leader with excellent growth potential and entering at the top league of the telecommunications market.
“In taking this step, we’re dramatically strengthening our market position and creating sustainable value,” he said.
Equally, NSN would set the highest standards of ethics and integrity as well as based on the results of a pre-closing compliance review, Nokia and Siemens have reached an agreement on compliance and control processes that are meant to become a benchmark for the entire industry.
Other pertinent issues in this partnership include consolidation of the financial results of Nokia Siemens Networks, which both companies have agreed that the compliance processes will be based on Nokia’s system and practices.
In addition to a strong finance and control organization with centralized reporting systems and robust internal control processes, Nokia Siemens Networks plans to have an expanded compliance programme including training programmes and defined approval processes for governmental business and for engaging third party consultants in the sales process.
Further, NSN said it has zero tolerance for financial or other business misconducts and has also defined anti-corruption policies, principles and materials.
Chief executive of Nokia Siemens Networks, Mr. Simon Beresford-Wylie, pointed out that ethical behaviour is about more than strong policies, programmes and processes.
“It is also about company culture and individual choice,” he said.
Integrity will be a prominent and deeply embedded part of the Nokia Siemens Networks culture,” said Simon Beresford-Wylie, CEO of Nokia Siemens Networks.
As communicated previously, the board of Nokia Siemens Networks would consist of seven members, Mr. Kallasvuo presiding, while Mr. Kleinfeld would act as the vice-chairman.
The other members of the board are the head of Nokia Operational Human Resources, Juha Äkräs; Siemens CFO, Joe Kaeser; member of the Siemens managing board, Eduardo Montes; head of Nokia Technology Platforms, Niklas Savander; and Nokia CFO, Rick Simonson.
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