Nokia sells line fit automotive business

Nokia sells line fit automotive business

novero is owned by Razvan Olosu, the former head of Nokia's Enhancements unit, and German private equity firm, Equity Partners.

The transaction would enable continued employment for approximately 240 employees of the line fit automotive business in Bochum, Düsseldorf and Detroit.

The parties anticipate closing the transaction in June 2008, subject to customary closing conditions, including regulatory approvals.

novero plans to strengthen the main operations of the line fit automotive business in Germany and the US, and to increase the focus and dedication in serving the current customers in the automotive industry.

novero aims to play a leading role in the growing market for automotive communications and multimedia solutions, and position itself at the forefront of innovation in the industry.


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