IBM sells stakes in two ventures

Elcoteq Network is to buy IBM's stakes in two Chinese joint ventures, Reuters reported. The Finnish electronics contract manufacturer is paying a total of US$37m for IBM's 70 per cent stakes in Shenzhen GKI Electronics and Beijing GKI Electronics, which assemble circuit boards used in cellular phones and other electronic products. Finnish telecoms giant Nokia, one of Elcoteq's top clients, is a customer of the joint ventures.