Nokia Streamlines Operations with Aluminum Sale
HELSINKI, Finland (AP) _ The Finnish company Nokia, famous for its mobile phones, said Wednesday it is selling its aluminum business to focus on telecommunications.
Nokia said it had reached a preliminary agreement to sell Nokia Aluminium to investment funds managed by Morgan Stanley Capital Partners, the Morgan Stanley Group Inc., CapMan Capital Management Oy and the management of Nokia Aluminum itself. Terms were not disclosed.
Nokia Aluminium, which has its headquarters west of Helsinki in Kirkkonummi, specializes in aluminum profiles and electrical products. It employs about 400 people. Annual net sales are approximately $63 million.
″Nokia Aluminium is well prepared to face the future as an independent company,″ said Kari Blomberg, the company’s managing director.
Blomberg said the new owners of Nokia Aluminium ″give the company a good foundation for further development.″
Nokia is the biggest producer of mobile phones in the world after the Motorola Inc., based in Schaumburg, Ill., near Chicago.