Nortel and LG to cooperate in South Korea

Nortel and LG have forged an agreement aimed at increasing their combined presence in South East Asia. The venture, to be called LG-Nortel Networks, will give Nortel half of LG’s infrastructure business in return for help to fund LG’s expansion. LG hopes the venture will boost its presence in the domestic and overseas markets for CDMA equipment. For Nortel the move will allow it to seek out new areas of growth and breathe new life into its wireless business.