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30.03.2007 
Nokia and Siemens announced today that Nokia Siemens Networks will
start operations on April 1, 2007. Nokia and Siemens are contributing
their respective carrier networks businesses and corresponding assets
into this new 50:50 company. Both parties have agreed to increase their
respective net asset contributions to the new company, with Siemens to
contribute EUR 2.4 billion and Nokia to contribute EUR 1.7 billion.
With its global scale and size, Nokia Siemens Networks is in a great
position to play an industry leading role by developing innovative,
cost-efficient products and services. Nokia Siemens Networks will have
one of the world’s best R&D teams, who will advance the development of
product platforms and services for next-generation fixed and mobile
networks.
“In the consolidating telecommunications market Nokia Siemens Networks
will offer customers cost-saving, leading-edge solutions that will
also optimally meet their needs with regards to convergence,” said
Nokia CEO Olli-Pekka Kallasvuo.
This view is shared by Klaus Kleinfeld, President and CEO of
Siemens AG. “With the launch of Nokia Siemens Networks, a strong
leader with excellent growth potential is entering the top league
of the telecommunications market. In taking this step, we are
dramatically strengthening our market position and creating sustainable
value.”
Nokia Siemens Networks will set the highest standards of ethics
and integrity. Based on the results of a pre-closing compliance
review, Nokia and Siemens have reached an agreement on compliance
and control processes that are meant to become a benchmark for the
entire industry. Since Nokia will consolidate the financial results
of Nokia Siemens Networks, both companies have agreed that the
compliance processes will be based on Nokia’s system and practices.
In addition to a strong Finance and Control organization with
centralized reporting systems and robust internal control processes,
Nokia Siemens Networks will have an expanded compliance program
including training programs and defined approval processes for
governmental business and for engaging third party consultants
in the sales process. Nokia Siemens Networks has zero tolerance
for financial or other business misconduct and has also defined
anti-corruption policies, principles and materials.
“Ethical behavior is about more than strong policies, programs
and processes. It is also about company culture and individual
choice. Integrity will be a prominent and deeply embedded part
of the Nokia Siemens Networks culture,” said Simon Beresford-Wylie,
CEO of Nokia Siemens Networks.
As communicated previously, the board of Nokia Siemens Networks
will consist of seven members. Nokia President and CEO, Olli-Pekka
Kallasvuo, will chair the board and Siemens CEO, Klaus Kleinfeld,
will act as the vice-chair. The other members of the board are the
head of Nokia Operational Human Resources, Juha &x00C4;kr&x00E4;s; Siemens CFO,
Joe Kaeser; member of the Siemens managing board, Eduardo Montes;
head of Nokia Technology Platforms, Niklas Savander; and Nokia CFO,
Rick Simonson.
 Nokia Siemens Networks
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