nokiasalo Nokia to sell Finnish manufacturing plant

Nokia is to sell some of its manufacturing plant in Salo, Finland, as part of its continuing efforts to raise money for a renewed attempt to take on the smartphone market.

Nokia is to sell some of its manufacturing plant in Salo, Finland, as part of its continuing efforts to raise money for a renewed attempt to take on the smartphone market.

 
The Finnish mobile company, which once ruled the phone arena, is to sell the property to Orion, a company that makes pharmaceutical drugs. The sale will include production facilities and warehouses, and Orion will turn it into a packing and logistics centre, which will employ 100 people.
 
The move follows a decision made by Nokia in June to close down the Salo factory and axe 850 jobs, so it is not surprising that it now wants to get rid of the lingering facility.
 
nokiasalo Nokia to sell Finnish manufacturing plant
 
Nokia has been struggling to compete with rivals like Apple and Samsung, despite a deal with Microsoft for Windows Phone, and this has led to plummeting profits, making it even harder for the company to mount a new offensive. The sale of this property is likely only the first of many as it offloads unnecessary assets in a bid to become more competitive.
 
The financial details of the transaction were not revealed.
 
Source: Reuters