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Marconi era ends as Ericsson buys firm for GBP 1.2bn
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MARCONI yesterday handed 1,000 UK research and development jobs
into overseas control as it unveiled a GBP 1.2 billion sale of the
bulk of the company to Swedish giant Ericsson.
The 120-year-old business will lose its famous name and will
continue to exist only as telecoms services group Telent. The deal
all but marks the end of a company that - as General Electric - was
once at the heart of industrial Britain.
Chief executive Mike Parton defended the sale, arguing that it was
a logical step for the company. "What you must remember is that
General Electric's main business was its defence ...
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