With Finland PM lastly confirming that investing in Nokia’s stock is not country’s issue, more worst still to follow for sometime called as Finnish mobile giant as company’s CEO Stephen Elop signalled company’s worker in Salo that their plant, which was Europe’s last major mobile phone factory, is on the way of closure. The closure of manufacturing the phones in Finland will claim about 850 jobs, on top of 1,000 announced earlier in the year.
Even Moody’s Investors Service last week downgraded the long-term senior unsecured ratings of Nokia to Ba1 from Baa3 and its short-term senior unsecured ratings to Not-Prime from Prime-3 after the Finnish mobile giant cut 10,000 more jobs and now this comes in front of the company quashing hopes the government would help support the company’s plunging stock.
