- Associated Press - Tuesday, December 4, 2012

HELSINKI (AP) - Nokia Corp. plans to sell its head office near the Finnish capital to real estate investors for (EURO)170 million ($220 million) as the struggling cellphone maker continues to cut costs.

CFO Timo Ihamuotila says the deal, to be concluded later this month, is in line with aims to shed non-core activities, adding that Nokia will continue to operate from the Espoo headquarters “on a long-term basis.”

The Finnish company has operated in the glass and steel structure, known as Nokia House, since 1997.

Tuesday’s announcement comes amid fierce competition in the smartphone market in which the former No.1 phone maker has been edged out by Samsung Electronics and Apple Inc.’s iPhone. Nokia has announced 10,000 job cuts and is streamlining operations to save (EURO)1.6 billion by the end of 2013.

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.

 

Click to Read More

Click to Hide