Nokia agrees to pay fines to close plant in Germany

Nokia agrees to pay fines to close plant in Germany

Mobile phone maker Nokia has said that they have now settled the differences with the worker representatives to close a plant in Germany.

The company said that they have agreed on a $314 million plan. The plant closure is expected to result in loss of 2,300 jobs.

Nokia added that they would establish a “transfer company” to help affected staff for one year.

Nokia executive vice president Veli Sundback added in a statement: “As we have clear responsibilities to our employees in this kind of difficult situation, it was our special concern from the start to compensate the loss of the jobs in a respectful and fair manner.”

Nokia Chief Executive Olli-Pekka Kallasvuo also issued his apologies for this action but said that it was essential to close the plant as it was costing them way too much.