Nokia Corp. announced Tuesday that it would close its factory in Germany.
The company said in the statement that labor costs were too high at the plant at Bochum.
The German factory employs 2,300 people and at least 280 of them – working at an automotive components section and at the research labs – are likely to keep their jobs thanks to new owners.
Nokia plays a very large role in the economy of Finland, selling more phones than any other phone manufacturer in the world. Nokia is by far the largest Finnish company, accounting for about a third of the market capitalization of the Helsinki Stock Exchange; a unique situation for an industrialized country. It is an important employer in Finland and several small companies have grown into large ones as Nokia's subcontractors.
Nokia increased Finland 's GDP by more than 1.5 percent in 1999 alone. In 2004 Nokia's share of the Finland 's GDP was 3.5 percent and accounted for almost a quarter of Finland 's exports in 2003. In 2006, Nokia generated revenue that for the first time exceeded the state budget of Finland.
The United States has imposed new sanctions against the Nord Stream 2 gas pipeline project, which still remains under construction