Nokia tries to make good on closed German Factory with over $32m Investment

Jul 3 2008, 6:38am CDT | by Luigi Lugmayr

Nokia, the State of North Rhine-Westphalia (NRW) and the City of Bochum jointly unveiled a plan today to stimulate growth, create new jobs and generate investment for Bochum and the neighboring cities.

Nokia invests 20m Euro (~$32m) into the Growth for Bochum program plus the net proceeds from the sale of Nokia's production facility and property in Bochum.
The state of NRW will also contribute a co-investment in the amount of 20 million Euros ($32m).
The Growth for Bochum program aims at making the region a more attractive for startups and investors to generate new jobs.

Nokia drew a lot of heat for closing the subsidized plant in Bochum and moving production to Romania earlier this year.
More details in this Nokia announcement.

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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.