Huawei and Symantec Commence Joint Venture
To develop and distribute security and storage appliances to global telco carriers and enterprises
This is a Press Release edited by StorageNewsletter.com on February 21, 2008 at 4:20 pmSymantec Corp. and Huawei Technologies Co., Ltd.
(Huawei) today announced that they have commenced their joint venture,
which was announced in May 2007.
The new company will develop and
distribute world-leading security and storage appliances to global
telecommunications carriers and enterprises. The transaction has
satisfied all closing conditions, received all required government and
regulatory approvals and officially closed on Feb. 5, 2008.
The joint venture company is headquartered in Chengdu, China, with
Huawei owning 51 percent and Symantec owning 49 percent. John W.
Thompson, chairman and chief executive officer of Symantec, has been
named chairman of the board and Ren ZhengFei, chief executive officer
of Huawei, has been named chief executive officer.
Huawei is licensing certain technology and Symantec is licensing
certain storage and security software to the joint venture company.
Symantec is also contributing US$150 million to the joint venture.
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