Swedish firm reports operating loss of $155 million
Published:
30 January 2001 y., Tuesday
Swedish telecoms equipment maker Ericsson said on Friday it was pulling out of making its own mobile phones after reporting a fourth-quarter group operating loss of 1.5 billion Swedish crowns ($155 million).
Ericsson has been losing money on mobiles since the second quarter of 2000, citing component shortages and an uncompetitive product mix. As the losses mounted, pressure grew on Ericsson to sell or merge the handsets division with another mobile phone manufacturer. “Ericsson has decided to team up with Flextronics and transfer its complete supply chain for mobile phones ... leading to a rapid improvement of economies of scale a much smaller capital exposure and reduced risk,” Ericsson said in a separate statement. Ericsson also signed another agreement with Taiwan’s GVC to develop and produce phones.
Šaltinis:
msnbc.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
European cities may still be feeling the pinch of the global recession.
more »
The EBRD Board of Directors has approved a $50 million convertible loan to Petrolinvest to finance the completion of exploration works at the company’s main oilfields.
more »
The European Commission welcomes the adoption today at the United Nations in Geneva of the first international regulation on safety of both fully electric and hybrid cars.
more »
Bloomberg has today announced that Lithuania had the outlook on its credit rating raised by Fitch Ratings after the Government implemented an austerity program to curb the budget deficit.
more »
In January 2010, compared with December 2009, the highest increase in retail trade in the EU-27 Member States was observed in Lithuania.
more »
Three thousand former car, refrigerator and construction workers in Germany and Lithuania will get €7.6 million in EU globalisation adjustment fund aid for training, self-employment and job guidance after Parliament gave the green light on Tuesday.
more »
Some 80% of Europeans continue to travel for their holidays according to a new Eurobarometer survey on ‘The attitudes of Europeans towards tourism 2010’.
more »
The EU's internal market will be under scrutiny Tuesday when a series of reports will be debated by MEPs in Strasbourg.
more »
EU Employment and Social Affairs Ministers today agreed on a new facility to provide loans to people who have lost their jobs and want to start or further develop their own small business.
more »
Over €7.6 million in financial aid for training and self-employment could be available to former workers in German and Lithuanian if MEPs back the measures Tuesday.
more »