Elcoteq to Expand in China Dec 19, 2002

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Elcoteq Network Oyj, a Finnish contract manufacturer, agreed to
buy International Business Machines Corp.'s 70-percent stakes in
two Chinese companies to strengthen its ties with Nokia Oyj and
add clients. Elcoteq said it will pay U.S. $37.3 million in cash for the stakes in Shenzhen GKI Electronics Co. and Beijing GKI Electronics Co. Elcoteq expects the two companies' sales to exceed 600 million euros (U.S. $613.7 million) next year.(Bloomberg News)

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