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LG, Nortel to sign joint venture

12 Aug 2005

LG Electronics and Nortel Networks have announced plans to sign a formal agreement to form a telecoms equipment joint venture in South Korea on 18 August. The two companies earlier failed to meet their deadline for an official agreement on the venture; they were scheduled to sign the agreement by the end of June but the timing was delayed after ‘differences in details’ arose.

In a separate story, LG has revealed that it hopes to raise its share in the global handset market from its current 6.4% to 10% by the end of 2006. The company overtook Siemens last year as the third biggest handset maker.

South Korea, LG Uplus

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