Nokia sells off Vertu, reshuffles executives and announces plans to lay off an additional 10,000 workers
We have been hearing for a while that Nokia is looking to sell off its luxury phone company, Vertu, and now it looks like it has finally happened. The Finnish company has announced that Vertu has been sold to private equity firm EQT, although they did mention that they will be keeping a 10% in the company. On top of that, the company will be laying off an additional 10,000 workers between now and the end of 2013 and will be reshuffling the number of executives. This movie is expected to cost €1 billion which is on top of the €900 million tied to its previous restructuring efforts. However not all is “lost” as Nokia has outlined in its press release that they will be investing more “in products and experiences that make Lumia smartphones stand out and available to more consumers.” Will Nokia’s latest efforts help the company flourish even more? We guess we will have to wait and see, but it certainly looks like Nokia’s had a pretty busy day. For those interested in checking out the press releases, they can be found here (Vertu’s sale to EQT), here (additional investment in their Lumia lineup, products and services) and here (Nokia executive reshuffling).
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