UPDATED 7:38 AM EST, December 4, 2012
HELSINKI (AP) — Nokia Corp. plans to sell its head office near the Finnish capital to real estate investors for €170 million ($220 million) as the struggling cellphone maker continues to cut costs.
CFO Timo Ihamuotila says the deal, to be concluded later this month, is in line with aims to shed non-core activities, adding that Nokia will continue to operate from the Espoo headquarters "on a long-term basis."
The Finnish company has operated in the glass and steel structure, known as Nokia House, since 1997.
