Nokia astonished by intention of NRW to attempt to recall Subsidies

Feb 6 2008, 7:46am CST | by Luigi Lugmayr

Nokia issued a statement in response to the North Rhine-Westphalia (NRW) plan to attempt to recall subsidies given to the company back in 1999 for the Bochum plant the company is closing.

Nokia says that they not only fulfilled the conditions of the agreement, it exceeded them. Since 1999 Nokia has invested more than 350 million euros in the Bochum site, well above the amount stipulated in the agreement. Since 1999, Nokia received subsidies via NRW Bank totaling 41.3 million euros. Thus, Nokia's investments in the factory clearly exceeded the sum it received from the state.
In the course of these investments, a substantial number of jobs were created in Bochum. Nokia decided in 1994 to expand the factory, which employed some 500 people at the time, and since 2001 an annual average of some 3,200 Nokia and third-party employees have been employed at the facility. According to the conditions of the state aid granted to Nokia for the expansion of the Bochum plant in 1998/1999, Nokia was obliged to provide 2,860 jobs.
More details in this Nokia press-release.

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Luigi Lugmayr
Luigi is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.