It doesn’t happen every day that a former global telecom giant is forced to sell the building in which its headquartered. Well, this is sadly happening to Nokia. The struggling cellphone maker plans to sell its head office near the Finnish capital to real estate investors, with a price tag of 170 million euros, or about 22 million US dollars.
The sale is part of urgent measures to continue a string of cost cuts in order to save the company. The CFO says the company will continue to operate from one of its other headquarters in Finland’s second largest city Espoo on a long-term basis. The former number 1 phone maker has announced 10 thousand job cuts, and is streaming operations to save 1.6 billion dollars by the end of 2013.