Monday, December 04, 2006

1,700 Nortel Jobs move to Alcatel - Lucent

Nortel Networks said Monday that 1,700 employees will join Alcatel-Lucent as the $320-million U.S. sale of Nortel's UMTS wireless access business moves toward completion.

Nortel is getting out of the money-losing business in a bid to return to profitability. Alcatel-Lucent gets next-generation wireless technology that could make it a challenger against industry-leader Ericsson.

The two sides hope to close the deal this month and no later than late February. The final sale price will be reduced by significant deductions and transaction related costs.

Source: Ottawa Citizen

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