Ericsson Spins Off, Renames Brea Division
- Share via
Ericsson AB, the leading maker of equipment for wireless phone networks, said Wednesday that it has spun off its CG Technologies division in Brea and is renaming it Cygnion Corp.
Ericsson, which said it is focusing on its main business of cellular telephones, will continue to have an undisclosed ownership stake in Cygnion. The main investor in Cygnion is WK Technology Fund, the largest venture-capital fund in Taiwan.
Cygnion, which has 96 employees in Brea and manufacturing facilities in China, makes computer-based communication systems for small businesses and home offices. The company said it plans to introduce its first product, a multiuser PC cordless telephone system, in January.
The 3-year-old division has no revenue yet. It will be led by Mats Persson, who was named the company’s president and chief executive.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
