Ericsson to spend $1.5b on Korean R&D center

13 Jul 2009

Ericsson's will invest $1.5 billion in a new R&D center in Korea, according to new CEO Hans Vestberg.

He told Korean President Lee Myung-bak that the company would establish a test bed for LTE technology and increase staff from 80 to 1,000, the Korea Herald reported.

Vestberg said Ericsson expected to spend $1.5 billion over the next five years, primarily on LTE and new green technologies.

LTE is a competitor to mobile Wimax, which is heavily backed by Korean-based Samsung Electronics, the paper said.

Samsung has about 35% of the mobile Wimax network equipment market, Bloombergsaid.

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