Nokia teams up with the NRW Government and the City of Bochum for “Growth for Bochum” program

In what seems as an effort to return some good faith in Germany following the closure of the
Bochum facilities, Nokia (NYSE: NOK) is teaming up with the State of North Rhine-Westphalia (NRW) and the City of Bochum to “stimulate growth, create new jobs and generate investment for Bochum and the neighbouring cities.”

The main elements of the “Growth for Bochum” include:

• A proactive international campaign to attract suitable investors to Bochum and the surrounding region.
• The establishment of an “Entrepreneur Centre” in Bochum.
• The creation of a Chair at the Bochum University or a similar mechanism to ensure the commercialization of scientific research.
• Finding a suitable buyer or investor for the Nokia facilities in Bochum.
• Financial support for the surrounding region of Bochum.

The Finnish giant will support these measures by contributing the sum of 20 million EUR plus the net proceeds from the sale of Nokia’s production facility and property in Bochum, while NRW will contribute a co-investment in the amount of 20 million EUR.

Nokia and NRW have also discussed the issue of the subsidies paid to the company in the late 1990s and both parties now consider this issue closed.

Kudos to Nokia! Yes it’s a PR move but what they did seems so much more than it was necessary. A good faith is shown, money is on the table and I’m sure German consumers, especially the citizens of Bochum, will appreciate Nokia’s move.