Siemens is likely to exit the Nokia Siemens Networks (NSN) joint venture this year, a senior executive from the German company has said.
Dow Jones Newswires reports that Siemens CEO Joe Kaeser said this week the company plans to leave the joint venture with Nokia and that 2013 “is the time for Siemens to help NSN to move into a better place”.
The shareholder pact for NSN expires in April, which would allow both companies to dispose of their stakes. However, Kaeser said the venture will remain for the time being.
Siemens has been divesting its telecom assets in the JV over the past few years, according to the report.
NSN has posted losses since it was founded in 2007, but Kaeser said the restructuring measures have succeeded in making the company profitable.