Struggling Nokia sells their headquarters in Finland

Nokia, once the leading mobile phone company that rules the initial years of the technology revelation in mobile industry, has just sold its headquarters, located in the Bay of Keilaniemi, in the town of Espoo,
just outside Helsinki.

The sale is a part of the operation to get rid of non-core assets in their struggle to achieve lower costs and raise money for investment that will allow them to compete in smartphones category.

There is little arguing to the statement that Google, Samsung, HTC and Apple’s iPhone surpassed the Finnish company over the last few years. Consequently, Nokia are taking bold steps to get back on front in the race to
provide users with something unique.

The sale price is 170 million Euros, slightly less than what the press had considered. The price itself is never satisfied. However, the wounded giants are letting it go after messing with the situation they
are dealing.

The Finnish developer Exilion Capital contains impressive complex of steel, aluminium and glass consisting of three buildings surrounded on reportedly massive 48,000 square meters area.

For 15 years the complex remained as the center of the Finnish multinational operations and news in English media suggest that the sale will be officially made legal in late December.

"We studied in detail all offers, and we are very pleased with our decision. Owning real estate is not part of Nokia’s core business. Nokia is willing to exit these types of noncore assets when good opportunities arise."
The company’s chief finance officer, Timo Ihamuotila, was quoted as saying.

According to the CFO, the sale is part of the savings strategy.

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Posted by Farasat Ali on Dec 4 2012. Filed under Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry