From having been big in rubber goods, timber and forest products, Nokia Oy is on its way to becoming a pure mobile telecommunications play, and, making a giant leap in that direction, the company yesterday announced that it would sell its loss-making consumer electronics – mainly television sets – business to Hong Kong-owned Semi-Tech (Global) Co Ltd. The Finnish company bought the business from ITT Corp about a 12 years ago.The company did not give a value for the deal, but Nokia said it had already taken the necessary hit against its figures in the charge in 1995. It is selling its Turku, Finland plant, and the machinery and equipment of its Bochum, Germany factory to Semi-Tech. The deal also includes Nokia’s international television sales activities, the right to use its television- and video recording-related technology and some brand names. Semi-Tech says the agreement covers 1,500 staff that it will take on.
