Nokia closes plant as part of its restructuring

Nokia closes plant as part of its restructuring
As part of its restructuring plan, on Friday Nokia closed its factory in Salo that produced handsets. The plant turned out its last unit today and was the last major cellphone manufacturing facility in Western Europe as production in the region has come to an end. 780 jobs will be cut during the year. The closing took place after talks with union representatives and the factory will be boarded up for good in September.

Last month, Nokia announced a major restructuring in light of the troubles it is having in the marketplace competing against Apple and Android manufacturers like Samsung. According to Nokia, up to 10,000 jobs could be eliminated by the end of 2013. The company has said that its plan is to reduce operating expenses while focusing on the location-based services it offers to its customers. Nokia also will attempt to sell its mapping and other location based services to industries where there is a use for the information.

Nokia's shares recently set a 52 week low at $1.63 before rebounding back over $2.00.

source: SlashGear

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