News

Siemens Sells Mobile Phone Business to BenQ

June 06, 2005 by Jeff Shepard

Siemens AG (Munich, Germany) reported that it has agreed to sell its entire mobile phone business, with more than 6,000 employees worldwide, to BenQ (Taiwan). The business will be headquartered in Munich, Germany, and as part of the deal, BenQ will have the right to use the Siemens brand and name for a total of five years. Siemens will also acquire $61 million (€50 million) worth of shares in BenQ.

The deal includes the acquisition of all of Siemens’ development and manufacturing locations in Manaus, Brazil, and Kamp-Lintfort, Germany, along with headquarter functions and the sales and marketing organization.