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August 19, 2017

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Struggling Finnish cellphone maker Nokia might sell headquarters: report

HELSINKI -- 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 that 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 market share as consumers move to smartphones powered by Apple's iOS or Google's Android operating system.

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