Nortel and Flextronics will not close on the sale and transfer of some manufacturing facilities to Flextronics this year as expected, Nortel said in a statement.
The deal will instead most likely close in the first quarter of next year. No reasons were cited for the delay. The deal was originally announced in June of 2004. It includes Nortel manufacturing operations in Chateaudun, France; Calgary, Canada; and Monkstown, Northern Ireland. Nortel originally expected to receive between $675 million and $725 million.
Nortel also plans to release its long-delayed annual report for 2004 after the markets close on Friday.