(MENAFN) Nokia Corp. CFO, Timo Ihamuotila, announced that the company would sell its headquarters building for USD220 million, reported AP.
Ihamuotila said that the building, located near Helsinki, would be acquired by real estate investors.
He added that the transaction, which would be sealed by the end of December, would contribute to the company's plan to reduce costs.
The company has announced 10,000 job cuts and is restructuring operations to save USD2.08 billion by the end of next year.
Nevertheless, the struggling cellphome manufacturer will resume operations from the Espoo headquarters on a long-term basis.
It is worth noting that Nokia has operated in the "Nokia House" since 1997.
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