Nokia might sell HQ: report

Oct 03, 2012
View of Nokia's steel and glass headquarters in the Helsinki suburb of Epsoo. The struggling Finnish mobile phone manufacturer might sell its headquarters, a senior company was quoted as telling the Finnish daily Helsingin Sanomat.

Struggling Finnish mobile phone manufacturer Nokia might sell its headquarters on the outskirts of Helsinki, a senior company official was quoted as saying on Wednesday.

"We are exploring different options for our property assets. This includes a possible sale of our headquarters," Nokia's financial director Timo Ihamuotila told the Finnish daily Helsingin Sanomat.

"However we have no plans to move our head office," he added.

The sale of property by a company which then rents the same assets from the buyer is a well-established strategy used by companies needing to raise cash.

Nokia, once the leader in mobile phones, has been losing as consumers move to smartphones powered by Apple's iOS or 's operating system.

It has tied its future to using Microsoft's smartphone operating system, but has yet to produce a major hit with consumers.

The company, in the midst of a major restructuring plan, posted a net loss of 1.4 billion euros ($1.8 billion) in the second quarter of this year, but had a cash pile of more than 4.0 billion euros.

The company built its steel and glass "Nokia House" head office on the coast in the Helsinki suburb of Epsoo in the 1990s when it was enjoying spectacular growth.

The Finnish daily Ilta-Sanomat said without citing sources that the building is worth between 200 million and 300 million euros.

str-hh/rl/hd

Explore further: Are Silicon Valley tech giants real innovators or spoilt rich kids?

add to favorites email to friend print save as pdf

Related Stories

Moody's downgrades Nokia credit rating, outlook negative

Jul 23, 2012

International ratings agency Moody's on Monday downgraded the long-term debt of Nokia by two notches, to "Ba3", cautioning the Finnish mobile phone giant would likely suffer even deeper than expected losses ...

Nokia's technology chief 'quits over strategy'

Jun 09, 2011

Nokia's head of technology has taken a leave of absence and is not coming back over disagreement over a new group strategy, Finland's leading daily Helsingin Sanomat reported on Thursday.

Nokia apologises for embarrassing PR gaffe

Sep 06, 2012

Beleaguered telecom giant Nokia apologised on Thursday for a video demonstration that led viewers to believe it had been filmed with its new smartphone but was in fact made with other equipment.

Recommended for you

Tablets, cars drive AT&T wireless gains—not phones

9 hours ago

AT&T says it gained 2 million wireless subscribers in the latest quarter, but most were from non-phone services such as tablets and Internet-connected cars. The company is facing pricing pressure from smaller rivals T-Mobile ...

'Silicon Beach' brings tech boom to Los Angeles

11 hours ago

So long Silicon Valley. These days entrepreneurs and engineers are flocking to a place better known for surfing waves than the Web. Amid the palm trees and purple sunsets of the Southern California coastline, ...

User comments : 0