Nokia Corp., which has been losing money seriously in the recent quarters, is mulling to sell its headquarters, the Nokia House, and get rid of other non-core assets to improve its cash position, the company said on Wednesday. The firm is going to get up to $388 million for the group of buildings.
"We are evaluating different options for non-core parts, such as real estate holdings, and that includes the headquarters," Maija Taimi, a spokeswoman for once the largest maker of mobile phones, told Reuters news-agency.
In the last one and half years Nokia laid off tens of thousands of employees, closed-down manufacturing facilities, which once helped the company to become the dominating force on the market of cell phones, and cancelled development of many projects. With this on the background, the company announced plans to sell-off certain assets. As it appears, the legendary group of buildings in Espoo, Finland, is not a core-asset anymore.
The glass and steel Nokia House building by the Gulf of Finland, which was constructed in 1995 - 2000, is valued at €200 - €300 million ($259-$388 million), according to a report by Finnish newspaper Iltasanomat. The building is a workplace for thousands of Nokia employees.
Tags: Nokia, Business
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Discussion started: 10/04/12 12:03:05 AM
Latest comment: 10/04/12 06:59:41 AM
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Nokia still has chances for survival by immediately starting to support Android in parallel with Windows Phone and differentiating themselves from other phone manufacturers with Nokia's unique technologies like Nokia Maps, Nokia Lens, PureView Cameras etc...
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Posted by: calzahe
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Date: 10/04/12 12:03:05 AM]
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Agreed. Selling off headquarters will buy them maybe 2-3 more quarters of life support but then they'll be back again to bleeding $ since hardly anyone cares about Windows phones. It's either now or never but the current CEO won't go with Android because it would the same as him admitting that his original decision to go with Windows was a mistake.
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Posted by: BestJinjo
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Date: 10/04/12 06:59:41 AM]
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