Siemens sells its phone division to Benq
Siemens has officially announced today the sale of its wireless phone division to the Taiwanese BenQ. The acquisition includes more than 6,000 Siemens employees worldwide, manufacturing operation on threee continents and will allows BenQ to use Siemens brand name for 5 years. With the sale, BenQ will be able to expand its strong Asian position to other markets like Latin America and Europe.
The closing of the deal is expected in the fourth quarter of Siemens' fiscal year 2005.