CUPERTINO, Calif. and SHENZHEN, China – Feb. 5, 2008 – Symantec Corp. (Nasdaq: SYMC) and Huawei Technologies Co., Ltd. (Huawei) today announced that they have commenced their joint venture, which was announced in May 2007. The new company will develop and distribute world-leading security and storage appliances to global telecommunications carriers and enterprises. The transaction has satisfied all closing conditions, received all required government and regulatory approvals and officially closed on Feb. 5, 2008.
The joint venture company is headquartered in Chengdu, China, with Huawei owning 51 percent and Symantec owning 49 percent. John W. Thompson, chairman and chief executive officer of Symantec, has been named chairman of the board and Ren ZhengFei, chief executive officer of Huawei, has been named chief executive officer.
Huawei is licensing certain technology and Symantec is licensing certain storage and security software to the joint venture company. Symantec is also contributing US$150 million to the joint venture.
About Huawei Technologies
Huawei Technologies is a leader in providing next generation telecommunications network solutions for operators around the world. The company is dedicated to providing innovative and customized products, services and solutions to create long-term value and potential growth for its customers. Huawei’s products and solutions are deployed in over 100 countries and serve 35 of the world’s top 50 operators, as well as over one billion users worldwide. For more information, please visit http://www.huawei.com.
Symantec is a global leader in infrastructure software, enabling businesses and consumers to have confidence in a connected world. The company helps customers protect their infrastructure, information and interactions by delivering software and services that address risks to security, availability, compliance and performance. Headquartered in Cupertino, Calif., Symantec has operations in 40 countries. More information is available at www.symantec.com.
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FORWARD LOOKING STATEMENT: This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including expectations regarding the integration of the products and technologies by Symantec and Huawei, that involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied in this press release. Such risk factors include, among others, the ability of the joint venture to successfully integrate the Huawei contributed security and storage technologies with the Symantec contributed security and storage technologies, and customer demand for the technologies and integrated product offerings. Actual results may differ materially from those contained in the forward-looking statements contained in this press release. Additional information concerning these and other risk factors is contained in the Risk Factors sections of Symantec's Annual Report on Form 10-K for the fiscal year ended March 30, 2007. Symantec assumes no obligation to update any forward-looking statement contained in this press release.