Nortel, IBM sign joint development agreement
Last Updated: Friday, May 20, 2005 | 4:06 PM ET
CBC News
Nortel and IBM have signed an agreement to collaborate on the design and development of new products and services, the companies announced Friday.
As part of that agreement, the two companies will establish a Nortel-IBM Joint Development Center in North Carolina.
Nortel said it would use IBM's engineering and technical services to work on several projects dealing with broadband, Voice over Internet Protocol (VoIP), multimedia services and wireless broadband offerings.
"This agreement with IBM is a critical component of our strategy to partner for growth," Nortel CEO Bill Owens said in a statement.
"Working with IBM, as one of their key partners, is a bold step forward in our efforts to transform our business by reaching an entirely new level of R&D collaboration while reducing our R&D costs," he said.
Neither company released financial details behind the agreement.
In India, the Hindu Times reported that Nortel would expand its presence in the south Asian country through equity partnerships or joint ventures and would start making phones in India.
Nortel shares finished down four cents at $3.36 on the TSX.
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