Oy Nokia Ab, a Finnish telecommunications giant, sold its loss-making TV division to the Hong Kong firm Semi-Tech (Global) Company Limited, for an undisclosed sum. Last year Nokia's TV division had a turnover of approximately 530 million U.S. dollars.
The deal includes the television production in Turku, Finland and the machinery and equipment of a factory in Bochum, Germany. Further the deal includes Nokia's international sales activities, the right to use Nokia's television and video-recording related technology, and the brand rights for Finlux, Luxor, Salora, Schaub-Lorentz and Oceanic. Semi-Tech will also get the right to use the brand name Nokia in its TVs, VCRs and related products using Nokia technology until the end of 1999.
The deal does not, however include the 120-man tuner factory in Turku that makes components for Nokia multimedia products such as satellite receivers.
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3 July 1996