Sitronics-ZTE will focus on the development and production of telecommunications equipment, CDMA terminals and specialized electronic products. The joint venture company will be established in the city of Hangzhou in the east of China. Sitronics holds a 51% stake in the joint venture, with ZTE owning the remaining 49%.
The company’s board of directors will comprise of three representatives from Sitronics and two from ZTE. Hurem Nihad, a member of Sitronics’ board of directors, has been appointed as chairman of the joint venture company’s board of directors. ZTE Corporation’s representative will be appointed as CEO, and Sitronics’s representative will be appointed as CFO of the new company.
Sergey Aslanian, president and CEO of Sitronics, said: This joint venture is one of our key projects and is in line with our strategic development plan. It will enable us to migrate our mass manufacturing and production capacity from Europe to south-east Asia, thereby improving efficiency levels and reducing costs.
