Nokia to sell HQ in Finland but no plans to move

Associated Press + More

HELSINKI (AP) — Nokia Corp. says it plans to sell its headquarters in Finland as part of a cost-cutting program.

However, the company says it will maintain its corporate base in the country.

Spokeswoman Maija Taimi says selling the glass and steel structure known as "Nokia House" near Helsinki is one of the options the struggling cellphone maker is considering as it disposes of noncore real estate holdings. She says the company though had "no plans to move out of Finland."

Taimi declined to comment on media reports earlier Wednesday that the property could fetch up to €300 million ($390 million).

Struggling against fierce competition in the smartphone race, Nokia has announced 10,000 job cuts and is streamlining operations, in a move to save €1.6 billion by the end of 2013.

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