Nortel is certainly making big moves lately.
The company, being driven to cut costs and increase savings by new CEO Mike Zafirovski, is selling its UMTS unit to Alcatel-Lucent. The CEO also said that the company, which was a pioneer in the UMTS world, would focus more on other emerging technologies, such as WiMax.
The move wraps up a big week for both companies. Nortel just put the finishing touches on a reverse 10-for-1 stock split, resulting in fewer shares but a higher share price; and Alcatel just finished taking over Lucent Technologies.
About 1,700 Nortel workers will begin working for Alcatel-Lucent. The deal was announced in September and finalized today.