SIEMENS HANGS UP ITS MOBILE PHONES.
Position | Siemens sells its mobile unit to BenQ Corp. |
The German giant Siemens, one the pioneers of mobile phones, has decided to sell its activities in the mobile market, currently running at a loss, to the Taiwanese company BenQ. The move illustrates the extent to which Asian manufacturers of consumer electronics have grown in strength. Siemens, Germany's the third-largest industrial group, will not only fail to make a profit from the sale of the unit, it will also be forced to pay to rid itself of the loss-making division. In concrete terms, Siemens will pay Euro 250 million to help BenQ strengthen its presence in the mobile telephone market and a further Euro 50 million for a share in its capital.
Siemens was one of the front runners in the mobile sector, launching its first phone in 1986, but it has been looking for a buyer or a partner for its mobile arm for some time now.
Siemens is currently the only manufacturer in the top ten in this sector worldwide to be making a loss, estimated at Euro 1.5 million a day. Its market share dropped to 5.5% in the first quarter, compared to 8% during the same period in 2004, leaving it well behind the likes of Nokia (30.4%), Motorola (16.8%) or Samsung (13.3%).
The sale in itself is not of major importance for Siemens, since mobile phones only represent 1.5% of its global workforce and 6% of its turnover. But in terms of image, the damage is substantial. BenQ has agreed, initially, to take on the 6,000 affected employees, with the 3,000 workers based...
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