Nokia bargains with China Postel

Nokia Corp. on Friday announced a deal to sell handsets worth a total Ђ 2 billion (US$3 billion) to China Postel during 2008, in the company's largest market.

The world's No. 1 mobile phone maker said the deal includes the development of technological infrastructure and marketing with China Postel, with which it has worked since 1998.

China Postel, a subsidiary of China P&T Appliances, has a market share of 30 percent in that country.

Last year, Nokia sold more than 70 million mobile devices in China, an increase of 39 percent on 2006.

Nokia Corporation, based in Espoo, is a Finnish multinational communications corporation, focused on wired and wireless telecommunications, with 112,262 employees in 120 countries, sales in more than 150 countries and global annual revenue of 51.058 billion euros as of 2007.

Nokia plays a very large role in the economy of Finland: it is by far the largest Finnish company, accounting for about a third of the market capitalization of the Helsinki Stock Exchange as of 2007; a unique situation for an industrialized country.