South Korea-based Samsung Electronics is planning to open a new research and development facility in the hometown of Nokia, Finland.
The new R&D facility will be located in Espoo city of Finland where Nokia’s headquarter is located, and it is claimed to be the company’s first venture in the Nordic region.
Earlier the company had said in a statement: "This decision to establish our R&D presence in Northern Europe reflects the importance we place on the European market."
Companies like Huawei and Intel have already opened R&D facilities in Finland to take advantage of the large number of engineers and software developers in the country, who used to work at Nokia or its related businesses.
Struggling Finnish cellphone maker, on the other hand is planning to sell and lease back its headquarters in Finland for $220m to real estate investment firm, Exilion, for €170m ($223m).
The transaction, which is part of the firm’s restructuring process to raise cash, is expected to be completed by the end of 2012 and is aimed at reducing operations costs and generate a positive cash flow.