WATERLOO (dpa-AFX) - Canadian smartphone maker BlackBerry Ltd. (BBRY, BB.TO), has agreed to sell its research and development facility in Germany to Volkswagen Infotainment, a newly founded subsidiary of Volkswagen that develops automobile connectivity and infotainment technology. The financial details of the transaction were not disclosed.
According to reports, about 200 employees at the BlackBerry Product Development Center in Bochum, Germany will shift to Volkswagen. Volkswagen will also take over BlackBerry's offices leases at the Bochum University Center and the Design Support Lab.
Waterloo, Canada-based BlackBerry continues to divest its assets as the company strives to stay afloat in the smartphone industry and swing back to its glory days. The move supports Blackberry's initiative to become profitable by 2016.
BBRY is currently trading at $10.61, down $0.05 or 0.47%, on the Nasdaq.
Copyright RTT News/dpa-AFX
© 2014 AFX News
