Nokia to sell HQ in Finland

Nokia Corporation has said it has plans to sell its headquarters in Finland as part of a cost-cutting program.

But the company has also claimed it will maintain its corporate base in the country.

Spokeswoman Maija Taimi was quoted by the Associated Press as saying that selling the glass and steel structure known as "Nokia House" near Helsinki is one of the options the struggling cellphone maker is considering as it disposes of noncore real estate holdings. She says the company though had "no plans to move out of Finland."

Taimi declined to comment on media reports earlier Wednesday that the property could fetch up to €300 million ($390 million).

Struggling against fierce competition in the smartphone race, Nokia has announced 10,000 job cuts and is streamlining operations, in a move to save €1.6 billion by the end of 2013.