Nokia Corporation (ADR) (NYSE:NOK) planning to sell HQs and lease it back, Apple’s suppliers begin production for the iPad Mini
There is one more way Nokia is trying to cut costs and conserve cash. They were news reports that the handset maker was trying to sell its global headquarters in Espoo, Finland for 300 million euros or $387 million. A spokesperson of the company has confirmed that the reports are true, but also added that the company plans to lease back the same. He has also said that the Finnish Company has absolutely no plans of leaving Finland.
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“As we said during Q2 results, Nokia is re-evaluating all non-core operations, including its real estate. However, we do not have any plans to move our headquarters,” said the spokesperson to Techcrunch.
He went on to say, “As with most companies whose core business is not in owning real estate, it makes common business sense not to tie assets in real estate property but rather invest and focus in its core operations.”
“Divesting real estate is an entirely different thing compared to the location of the headquarters. As we have said many times before, we have no plans to move our headquarters,” he added.
Nokia plans to cut costs amounting to $2 billion by end of 2013, by slashing several thousand jobs, closing factories and disposing other assets.
Apple’s suppliers begin production for the iPad Mini
As per reports from The Wall Street Journal, Apple Inc.(NASDAQ:AAPL)’s Asian suppliers have begun to produce components for Apple’s new tablet computer, that will be a smaller version of the iPad, executives of companies manufacturing the parts have said.
Launching the small iPad is an attempt by the California company to stay competitive against tablets produced by rivals Google and Amazon.
The mini iPad will have a 7.85 inch liquid crystal display and a lower resolution than the iPad. South Korea’s LG Display Co and Taiwan’s Optronics Corp began production of the LCD screens last month.
So far, Apple has not commented on the issue.