Hot on the heels of the sale of its printed circuit board production unit in Norrkoping, Sweden, to Viasystems Group Inc, of St Louis, Missouri (CI No 3,308), LM Ericsson AB’s Italian subsidiary is to sell 80% of its network construction company, Cosir SpA to Intek SpA. The Cosir operation reported revenues of $270m in 1996 and employs 3,200 staff. The sale forms part of Ericsson’s plans to make major changes within the company (CI No 3,303) and follows its decision to chop 10,000 jobs from its Infocoms datacommunications unit (CI No 3,308). The company has said further cuts will be made across the world.
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