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Nokia not planning to move headquarters
SME News, Thursday, Oct 04, 2012 13:09:27 PM IST
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NEW DELHI: Finnish telecom major Nokia has announced that the company is not planning to move its headquarters in Finland while it will continue its efforts to settle non-core assets, including real estate.
The mobile phone maker has been witnessing tough competition from rivals Samsung and Apple Inc in the smart-phone category and lost its leadership position to Samsung.
Under its restructuring process, Nokia had earlier announced the closure of its facilities in Ulm (Germany) and Burnaby (Canada) while it sold its luxury brand Vertu to a private equity firm. Moreover, it had also announced reducing of up to 10,000 jobs globally by the end of 2013.
During the second quarter, Nokia ended with gross cash of 9.4 billion euros and a net cash position of 4.2 billion euros.
