Nokia astonished by intention of NRW to attempt to recall Subsidies
Topic: Mobile Phones
Posted on Wed, 6 Feb 2008 07:46:51 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.
Posted on Wed, 6 Feb 2008 07:46:51 CST | by Luigi Lugmayr
I4U News Product Reviews
All I4U News Categories
Related Offers
The current topselling Netbook
Subscribe to I4U News
Stay in touch with our weekly round-up of the Top 10 Technology stories with our free newsletter.I4U Feature Highlights
Featured Partner
More stories
Red Hot Topics