Symantec and Huawei Technologies (Huawei) have announced the formation of a joint venture company, to develop and distribute security and storage appliances to global telecommunications carriers and enterprises.

“The partnership with Symantec is part of Huawei’s All IP and FMC Fixed mobile convergence strategy. Network security will definitely form the foundation as telecom networks migrate toward an All IP environment. The partnership will enable us not only to provide leading network security solutions to carriers, but also to deliver professional security and storage solutions to enterprises, helping our customers build a safer and more efficient network,” stated Ren ZhengFei, chief executive officer, Huawei.

Huawei will contribute its telecommunications storage and security businesses including its integrated supply chain and integrated product development management practices.

Symantec will contribute some of its enterprise storage and security software licenses, working capital, and its management expertise into the new company. Symantec will also contribute $150 million toward the joint venture’s growth and expansion.

The new company will be headquartered in Chengdu, China, with Huawei owning 51% of the joint venture and Symantec owning 49%.