Begin typing your search above and press return to search.
exit_to_app
Five years on,  Najeeb still missing
access_time 2021-10-14T11:35:37+05:30
access_time 2021-10-13T13:28:12+05:30
More than just an award, a message
access_time 2021-10-11T09:31:16+05:30
Facebook with a saffron tinge
access_time 2021-10-09T11:15:52+05:30
Monson: A prophet for our fake news times
access_time 2021-10-09T10:08:19+05:30
DEEP READ
exit_to_app
Homechevron_rightBusinesschevron_rightStruggling Nokia sells ...

Struggling Nokia sells headquarters building

text_fields
bookmark_border
Struggling Nokia sells headquarters building
cancel

Espoo (Finland): Finnish mobile phone maker Nokia, which faces cash-flow problems, said on Tuesday it had agreed to sell and lease back its head office building outside Helsinki for 170 million euros ($222 million).

"Owning real estate is not part of Nokia's core business and when good opportunities arise we are willing to exit these types of non-core assets," Nokia's chief financial officer, Timo Ihamuotila, said in a statement.

"We are naturally continuing to operate in our head office building on a long-term basis," he added.

The troubled group, once a dominant force in the global market for handsets, recently posted its sixth quarterly loss in a row, burning through cash as it proceeds with a vast restructuring programme.

In October, the company said it was looking to sell its head office building, named "Nokia House".

The glass-and-steel waterfront structure was built in the town of Espoo in the 1990s, during the boom years for the telecom industry when Nokia become the world's biggest mobile phone maker.

The building has been sold to Finnish real estate company Exilion in a transaction to be completed by the end of the year, Nokia said.

AP

Show Full Article
TAGS:
Next Story