Nokia said it renewed handset distribution deals for 2010 in China that are worth more than $2 billion, but the value of one of the deals fell for the third straight year.
The company said it inked the deals with China PTAC and Telling Telecommunication Holding, worth more than $1 billion each. The world's largest handset maker struck similar deals in the past, and usually announces them once a year. However, the PTAC deal has fallen in value over the past several years; in 2009 it was valued at around $1.76 billion, and in 2008 it was around $2 billion.
Nokia's sales in China were $8.6 billion last year, and the region was the company's third largest in terms of sales. The company plans to accelerate its transformation into a services company this year.
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