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October 4, 2012

Nokia plans to sell Finnish HQ to raise cash

Nokia plans to maintain its corporate base in Finland

By CBR Staff Writer

Finnish mobile maker Nokia is planning to sell its headquarters as part of its move to discard non-core assets, while maintaining its corporate base in the country.

Nokia Spokeswoman Maija Taimi was quoted by Reuters as saying: "We are evaluating different options for non-core parts, such as real estate holdings, and that includes the headquarters."

According to the firm, the glass and steel structure, which has been company’s headquarters since for the last 16 years with nearly 1,800 employees, is valued at €200-300m.

The mobile maker is reassessing some segments of its operations that include real estate, under an effort to reduce costs and finance its shift to adopt Microsoft’s Windows Phone operating system for its smartphones.

Under its restructuring process, Nokia had earlier revealed its plans to shut down its facilities in Ulm, Germany and Burnaby, Canadain addition to sale of its luxury brand Vertu to a private equity firm.

The company is also planning to slice up to 10,000 jobs worldwide by the end of 2013.

Nokia also operates management and research facilities in the US, Asia and London, while employing 113,500 employees world-wide, 62,000 of which work for Nokia Siemens Networks business.

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Nokia has been facing large scrutiny over its financial position in recent quarters, and has been facing a series of credit reductions from all three major credit-rating firms.

By the end of the second quarter of 2012, Nokia’s net financial position placed at €4.2bn ($5.4bn), a slump when compared to €4.9bn reported at the end of the first quarter of 2012.

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