Nokia (NOK) has signed an agreement for China P&T Appliances' China Postel Mobile Communication Equipment Company to purchase mobile devices valued at approximately US$2 billion from Nokia in 2008.
In addition, both parties have agreed to strengthen strategic ties, especially with regard to channel development, resource investment, and marketing management.
"As the largest mobile phone manufacturer in both the global and Chinese markets, Nokia considers China a strategic market and a significant base of manufacturing, R&D, and innovation" said David Tang, vice president of sales, Nokia China. "With its impressive product portfolio, in-depth localization strategies, successful channel construction, and constantly improving brand loyalty, Nokia has been a leader in the Chinese mobile phone market since 2004."
As a subsidiary company of China P&T Appliances, China Postel has become a provider of mobile phones and is actively involved in China's telecom service industry. With a comprehensive distribution network for both products and services, China Postel has been the leading distributor on the China mobile phone market for many years, and enjoys a current market share of nearly 30%.