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SIEMENS’ ITALTEL MOVES DEFENSE TELECOMS TO NEW FIRM

Italtel SpA, which is controlled by Siemens AG is transferring control of its defense telecommunications activities to a new company Marconi Italtel Difesa set up jointly with GEC’s Marconi Ltd. Italtel will retain 40% of the new company, which will have share capital of $13m, 150-plus employees and with a target revenue of $40m in 1997. The agreement is part of a restructuring by Italtel and concentration on its core businesses of services and products for civil telecommunications networks.

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CBR Staff Writer

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