Nokia draws the line Bochum: 20 million euro plus utility sale profits for the development of the German region

Nokia will contribute with 20 million euro plus the profits it will obtain after selling local production utilities in Bochum, Germany to the regional development fund named Development for Bochum, Reuters informs. The new measures add up to a 200 million euro compensatory pack for former employees of the German factory. The Finnish producer announced that this move will cover Nokia’s responsibilities in the area.

A pack of measures taken by both local and regional authorities include the launch of an international campaign to attract investors to Bochum in order to create more jobs and invest in an entrepreneurial center. The Bochum development fund will also receive some 20 million euro from regional authorities.

Nokia announced that both parties consider the subvention dispute closed. The international press read on Thursday that Nokia will have to repay some 60 million euro, money it had initially received as subventions.

In Romania, Nokia’s factory at Jucu, Cluj Central Romania was officially opened in February this year and company officials announced that the mobile production in Cluj will target markets in the Middle East and Africa.