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EC gives go ahead to Huawei-Symantec joint venture

Posted: 26 Dec 2007 ?? ?Print Version ?Bookmark and Share

Keywords:Huawei-Symantec Inc.? joint venture? security and storage appliances? telecommunications carriers?

A joint venture between Huawei Technologies Co. Ltd and Symantec Corp., to be called Huawei-Symantec Inc., has been approved by the European Commission following a preliminary investigation that found no concern for unfair competition from the merger.

The joint venture will develop security and storage appliances for telecommunications carriers, and will be based in Chengdu in the southwestern Chinese province of Sichuan. It will be 51 percent owned by Huawei and 49 percent by Symantec. The joint venture will be able to take advantage of Huawei's R&D resources, manufacturing and engineering capacities, and Symantec will provide 150 million U.S. dollars for its operation.

The new firm, hopefully to be established within this year, would enable Huawei to compete with technology giants like Hewlett-Packard and IBM. It will also provide fresh boost for Symantec's security and data management business.




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