Sagem Mobiles becomes Sagem Wireless

Sagem Mobiles becomes Sagem Wireless. French conglomerate Safran said it would sell its loss-making mobile phones business, Sagem Mobiles, to venture capital firm Sofinnova as it announced a fall in first-half profit and an outlook which sent the stock sharply lower.

The disposal would retain a 10% stake in the new company, which will be known as Sagem Wireless. It expects the total cost of the handover to be 220 million euros. It aims to refocus on its core aerospace and defence security businesses. Safran still owns Sagem's Defence Security business, which makes up some 18 percent of the slimmed down group's revenues.

(source)