Nokia, TI team for gadget gig in China
The companies, along with 15 other foreign and Chinese companies, form a consortium in the country to develop software, semiconductors and other devices.
Finnish mobile phone giant Nokia, U.S. chipmaker Texas Instruments, and Korea's leading home appliance maker LG Electronics would each hold about 13.5 percent in the consortium, to be called Commit.
Commit, starting with an investment of $28 million (230 million yuan), will develop software and design chips, with an initial focus on third-generation, or high-speed multimedia electronics devices, the companies said in a statement.
At a news conference, one executive declined to give specifics on the products the consortium would make.
But the statement said: "Functions such as Internet surfing, mobile communications, mobile offices and video processing will be expected on a single terminal, such as a PDA (personal digital assistant) or even an MP3 player."
"As far as what our products will look like, even we don't know at this point," said Terry Cheng, president of Texas Instruments' China unit.
The China Academy of Telecommunications Technology and China PTIC Information Industry Corp each would own about 13.5 percent, while the remaining shares would be held by seven other Chinese companies and five other foreign companies.
The chairman of the joint venture will be Ouyang Zhongmou, president of PTIC, the parent company of Chinese mobile phone maker Ningbo Bird and cellular gear maker Eastern Communications, Cheng said.
Yang Yigang, vice president of China Academy of Telecommunications Technology, will be vice chairman, the statement said.
Texas Instruments' Cheng will sit on the board of directors, along with LG Electronics Vice President Jamese Kim, it said.
Other directors would include Urpo Karjalainen, president of Nokia's China unit, and Michael Mou, chairman of Hyper Market International.
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