Jack MacKelly Posted February 2, 2005 at 03:32 AM Report Posted February 2, 2005 at 03:32 AM MARCONI Corporation, the rejuvenated version of the former FTSE-100 high flyer, said it had secured an agreement that would get it into emerging markets such as China and the rest of Asia. The company, which completed a life-saving financial restructuring in 2003, said it had signed a "memorandum of understanding" on a joint distribution agreement with Huawei,China’s biggest telecoms equipment company. Under the deal, both companies will sell and distribute each other’s products, as well as work together on developing Huawei’s position in Europe. Talks are also taking place about how the pair can work together on developing next-generation products. Marconi chief executive Mike Parton, who has led a trading revival at the embattled UK group, said he hoped the announcement marked the first step in a "long and mutually beneficial working partnership". He added: "Both companies have excellent technology and strong customer relationships that can be leveraged to sell products from our respective product portfolios. "We will sell Huawei’s products that complement our own, and which we will support through our strong service offering." Marconi's new partner is one of China's rising technology stars, with impressive sales growth and ambitious export targets for 2005. The company is twice the size of Marconi in terms of annual sales and will enable Marconi to compete with greater gusto against rivals such as US networking equipment giant Cisco The Marconi Telecoms equipmentwill hope to sell products to Huawei customers in Asia, and broaden the range of products it is able to offer its own clients in Europe. see the scotsman.com for the news item Quote
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