Sitronics and China's ZTE have signed an agreement on the creation of a joint venture, General Director of the Russian provider of telecommunication solutions Sergei Aslanian told RBC today. Sitronics will hold a controlling stake in the new company. Before the end of 2008, Sitronics and ZTE are poised to launch a plant in China, where the Russian company will relocate its main production. This would allow a cut in production costs by at least 20-25 percent. Aslanian pointed out that the plant had already been built.

Source:rbcnews