Property in Romania

Nokia to build 200 mln euro plant in Romania

The world’s top mobile phone maker Nokia (NOK1V.HE: Quote, Profile, Research) plans to build a 200 million euros ($267 million) plant in Romania, a local government official said on Friday.
“We will sign a memorandum with Nokia next week. It is a 200 million euros investment,” Marius Nicoara, an official in the Transylvanian city of Cluj, told Reuters.

A spokeswoman for the Finnish-based company in Helsinki said no agreements have been signed, but pointed out that a 30 percent increase last year in the manufacture of Nokia phones had placed strains on production capacity.

The Romanian government will co-finance the investment by setting up infrastructure worth 33 million euros, including electricity, running water and sewerage systems. The plant will employ 15,000 people.

Date posted: March 3, 2007