Ericsson CEO Carl-Henric Svanberg told the Svenska Dagbladet newspaper, a Swedish daily, that he sees more acquisitions on the horizon to grow the firm's multimedia division, according to a report by Reuters. He was upbeat about the division's prospects, but said networking equipment will continue to be Ericsson's largest business over the next five years. Recent acquisitions include a Norwegian digital broadcast systems maker and an IP messaging components company. Svanberg is quoted saying, "There will be more acquisitions on the multimedia side. We do not need to take a breath just because we have made several acquisitions." In addition, he said the Alcatel-Lucent merger has helped Ericsson with the merger of two competitors in one.
Commentary: Sony Ericsson to Target Lower-end Cell Phone Segment • Ericsson Outbids Arris in Grab for Tandberg TV • Sony Ericsson Sees Opportunity in Mobile TV
Stocks/ETFs to watch: Ericsson (NASDAQ:ERIC). Competitors: Alcatel-Lucent (NYSE:ALU), Siemens (SI), Motorola (MOT), Nokia (NYSE:NOK), Nortel (NT), Cisco (NASDAQ:CSCO)
Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.