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29 Aug 2001
Ericsson and Sony have all but finalised an agreement to merge their mobile phone handset businesses, as first mooted in April.
The joint venture will be established on 1 October and will see the companies jointly design, brand, distribute and market handsets. The pair are basing the new operation in London, and will initially employ 3500 people.
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Sony is looking to increase its market share outside Japan, while Ericsson gains Sony's Japanese experience of third-generation and more marketing know-how. The deal is still subject to regulatory and final board approval.
Combined, the two firms have a 12 per cent share of the global market behind Finland's Nokia and US outfit Motorola.
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