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Nokia sells line fit automotive business to Novero

HELSINKI
Wed May 14, 2008 2:22pm EDT

HELSINKI (Reuters) - The world's top cellphone maker Nokia said on Wednesday it would sell its line fit automotive business to Germany's Novero GmbH.

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Nokia did not disclose the value of the deal, but said it expected to complete the transaction by June.

Novero is owned by the former head of Nokia's enhancements unit, Razvan Olosu, and German private equity firm Equity Partners.

Some 240 employees would be able to continue working for the unit's operations in Bochum, Dusseldorf and Detroit.

Shares in Nokia were 0.9 percent stronger at 18.46 euros by 1530 GMT, in line with the general Helsinki bourse index.

(Reporting by Agnieszka Flak; Editing by Richard Hubbard/David Hulmes)
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