Analysts say end is near for Nortel
Nokia Siemens Networks (NSN) took over Nortel’s wireless assets on Monday with little fanfare, paying $650 million for the fallen telecom giant’s wireless assets. Out of the currently employed workforce of 5,000, NSN predicts that it will hire 800 Nortel employees in Canada—contributing to a total of 2,500 across Dallas, Ottawa, Mexico and China. The remaining unhired exployees will not be compensated by NSN for their under funded pension plans or diminished severance pay. NSN chief executive Simon Beresford-Wylie said Ottawa operations will become “the heart of advanced wireless research” for NSN, however critics remain skeptical of the acquisition pointing out that the strategic time for wireless acquisition has passed.