Microsoft announced it will sell its feature cellphone business to a subsidiary of Taiwanese tech massive Foxconn.
in step with US as of late a commentary launched Wednesday, Microsoft says it’s going to switch its feature telephone property including manufacturers, tool and services to FIH cell and Finnish company HMD for $350 million. The deal is expected to close all the way through the second half of of this year.
Microsoft says it’ll “continue to increase” windows 10 cellular and make stronger Lumia smartphones operating the device. on the other hand, it is now not clear whether the tech large will continue making more moderen Lumia fashions.
The move marks the return of Nokia — got with the aid of Microsoft in 2014 for greater than $7 billion — to the cell phone trade. the company introduced a licensing and manufacturing deal with Finnish company HMD and FIH cell to create cell phones and capsules bearing the Nokia title.
“today marks the start of an exhilarating new chapter for the Nokia model in an trade where Nokia remains a very iconic title,” mentioned Ramzi Haidamus, president of Nokia applied sciences in a observation.
Microsoft’s acquisition of Nokia two years was once an enormous disaster for the tech giant. remaining 12 months, after chopping 18,000 employees, Microsoft introduced it might minimize some other 7,800 jobs and take an impairment charge of $7.6 billion associated to the acquisition of Nokia’s handset industry.