Everything we know about Nokia how the company folded up

Nokia Corporation (natively Nokia) is a Finnish multinational telecommunications, information technology, and consumer electronics corporation, established in 1865. Nokia’s main headquarters are in Espoo, Finland. but the company’s actual roots are in the Tampere region of Pirkanmaa In 2020, Nokia employed approximately 92,000 people across 100 countries, run business in more than 130 countries, and reported annual revenues of around €23 billion. Nokia is a public limited company listed on the Helsinki Stock Exchange. It is the world’s 415th-largest company measured by 2016 revenues according to the Fortune Global 500, having peaked at 85th place in 2009.

The company has operated in various industries over the past 150 years. It was founded as a pulp mill and had long been associated with rubber and cables, but since the 1990s has focused on large-scale telecommunications infrastructure, technology development, and licensing. Nokia made significant contributions to the mobile industry, assisting in the development of the GSM, 3G and LTE standards. For a decade beginning in 1998, Nokia was the largest worldwide vendor of smartphones. In the later 2000s, however, Nokia suffered from a series of poor management decisions, and soon saw its share of the mobile phone market drop sharply.

After a partnership with Microsoft and Nokia’s subsequent market struggles, Microsoft bought its mobile phone business, creating Microsoft Mobile as its successor in 2014. After the sale, The company was viewed with national pride by Finns, as its mobile phone business made it by far the largest worldwide company and brand from Finland.

NOKIA HISTORY

Nokia’s history dates from 1865, when Finnish-Swede mining engineer Fredrick idestam established a pulp mill on the shores of the Tammerkoski  near the town of Tampere, Finland (then in the Russian Empire). A second pulp mill was opened 3 years later in 1868 near the neighboring town of Nokia, where there were better hydropower resources. In 1871, Idestam, together with a friend Leo Mechelin, formed a shared company and called it Nokia, after the second pulp mill.

Idestam retired in 1896, making Mechelin the company’s chairman; he expanded into electricity generation by 1902, which Idestam had opposed. In 1904.

On March 2, 2020, Nokia announced Pekka Lundmark as its new CEO, Later that month, Nokia completed the acquisition of Elenion Technologies, a U.S.-based company focusing on silicon photonics technology to improve economics of advanced optical connectivity products.

On May 27, 2020,Sari Baldauf succeeded Risto Siilasmaa as chairwoman of the board of directors, and Kari Stadigh was appointed vice chair. In June, Nokia won a 5G contract worth approximately $450 million from Taiwan Mobiles to build a telecom operator’s next-generation network as the sole supplier. In October, Nokia announced a contract with NASA to build a 4G mobile network for astronaut usage on the moon. The $14.1 million contract is through subsidiary Bell Labs, and the program is expected to launch in 2022

Nokia has played a very large role in the economy of Finland and it is an important employer in the country, working with multiple local partners and subcontractors Nokia contributed 1.6% to Finland’s GDP and accounted for about 16% of the country’s exports in 2006.

Nokia comprises of two business groups along with further subsidiaries and affiliated firms.

In 2018, Nokia received the Leading Lights award for most innovative cable/video product and was named to Ethisphere’s 2018 world’s most ethical companies list.

The control and management of Nokia is divided among the shareholders at a general meeting and the Nokia Group Leadership Team (left), under the direction of the board of directors (right). The chairman and the rest of the Nokia Leadership Team members are appointed by the board of directors. Only the chairman of the Nokia Leadership Team can belong to both the board of directors and the Nokia Group Leadership Team. The Board of Directors’ committees consist of the Audit Committee, the Personnel Committee, and the Corporate Governance and Nomination Committee. The operations of the company are managed within the framework set by the Finnish Companies Act, Nokia’s Articles of Association, and Corporate Governance Guidelines, supplemented by the board of directors’ adopted charters. On 25 November 2019, Nokia announced that it would discontinue the role of Chief Operating Officer (COO) and distribute its functions to other company leaders. As a result, Chief Operating Officer Joerg Erlemeier decided to step down.

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