What happened to the joint venture? Siemens may withdraw from Noci?
Electronic enthusiasts: In recent years, with the rapid development of Samsung and Apple in the field of smart phone consumer electronics, it has broken the calm of the industry, Nokia has become a second-tier brand in just one year, and Motorola has been in a stagnation. The city gate caught fire and affected the pond fish. Similarly, smartphone chip manufacturers have also been affected. The joint venture company ST-Ericsson, which had a significant influence on mobile phone chips in the world, also officially disintegrated a few days ago, not only in the mobile phone field but also in the communications field. Recently, it was reported that Siemens may withdraw from its joint venture with Nokia-Nokia Siemens Networks this year. Facing the disintegration of joint ventures, we can't help but ask: What happened to the joint venture?
Siemens hints that it will withdraw from Noci this year
On the morning of March 22, Beijing time, Siemens CFO Joe Kaeser hinted on Wednesday that the company may withdraw from its joint venture with Nokia this year-Nokia Siemens Networks (hereinafter referred to as "Noxi").
Kessel said at the investor conference on Wednesday that the company had no intention of continuing to retain Noci shares. "I think Siemens should help Noci enter a better state in 2013." He said.
Noci ’s shareholder agreement will be voted next week, but Kessel said the company ’s situation will not change for the time being. However, his statement may further intensify market speculation about Noci's future development. Bloomberg News quoted people familiar with the matter last month as saying that Nokia plans to acquire Siemens shares in Nokia Siemens together with a strategic partner.
Noci issued a $ 773 million bond earlier this month to pay off debt. Thanks to large-scale restructuring and capital compression projects, Nokia ’s financial situation has recently improved. The company plans to cut $ 1 billion in costs, lay off 17,000 people, and move to mobile broadband.
Noci CEO Rajeev Suri said last month that shortly afterwards, the slowing infrastructure market will only support three profitable network equipment suppliers, and Noci hopes to become one of them. "The field of infrastructure providers will change dramatically, and winners and losers will soon emerge. In order to adapt to this change, these providers must manage their own businesses.".
Noci achieved a record operating profit margin in the fourth fiscal quarter, while revenue and operating profit in the quarter also increased substantially. According to non-IFRS, Noci achieved operating profit of 741 million US dollars in the quarter, compared with 227 million US dollars and 416 million US dollars in the same period last year and the previous fiscal quarter. Net revenue for the quarter increased 14% year-on-year and 5% quarter-on-quarter, to US $ 5.14 billion. The company's operating profit margin for the quarter was 14.4%, much higher than the 4.2% in the same period last year, and set a new record of 9.2% in the third fiscal quarter of fiscal 2012.
The fourth fiscal quarter of fiscal 2012 was the fifth consecutive quarter of Noci ’s cash flow. According to the latest report from Wells Fargo, about 83% of the market value of Nokia's stock comes from Nokia.
STMicroelectronics Announces Spin-off to End at 4 Years
According to a report on March 18, according to Bloomberg News, STMicroelectronics and Ericsson agreed today to split this unprofitable joint venture company because they failed to find a buyer for the joint venture company.
In a statement, the two parties stated that Ericsson plans to undertake 1,800 employees and contractors from Sweden, Germany, India, China and other countries and will continue to develop modem technology for Ericsson Ericsson. STMicroelectronics will undertake the existing products of STMicroelectronics and 950 employees, mainly located in France and Italy, so the cost incurred will reach up to 450 million US dollars.
STMicroelectronics ’main mobile phone chip business has accumulated a net loss of $ 2.7 billion since 2009. ST and Ericsson each hold 50% of the company's shares, and after seeking three months to fail to find a buyer, the two companies made the decision.
As the main customer Nokia's low-end mobile phone business shrank, ST-Ericsson has been working hard to launch high-performance chipsets and platforms. ST Ericsson currently has 5,000 employees. Reassigning these employees to the parent company will help reduce the number of layoffs in the joint venture because some European governments are opposed to layoffs.
STMicroelectronics shares have risen 9.6% this year on the Paris Stock Exchange, after Bloomberg News revealed that STMicroelectronics failed to find a buyer, the company's share price fell 4.4% on March 12. Ericsson's stock price has risen 31% this year on the Stockholm Stock Exchange.
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