Nokia Corp. is the world's largest cell phone manufacturer with sales of $27 billion, profits of $3.5 billion, and a 31-percent share of the worldwide mobile phone market. Believing that mobile products will one day replace PCs as the most popular method for gaining Internet access, the Finland-based firm began focusing on developing wireless Internet devices in the late 1990s.
Oy Nokia Ab was established in 1865 to sell paper and other products that would result from harvesting the forests that grew near the small town of Nokia, Finland. When the rebuilding of Europe following World War II spurred demand for construction materials, Nokia found itself operating as a major exporter of paper and wood products. To increase its international presence, Nokia began to diversif…
Kari Kairamo took over as CEO in 1975 and shifted Nokia's focus from forest products to consumer electronics. He also began consolidating Nokia's Scandinavian operations in an effort to increase operations throughout the remainder of Europe. Two years later, Nokia acquired Oy Kymamo, which formed the core of the firm's sixth operating unit, Nokia Plastics. The company's…
Sales in 1993 reached $2.1 billion. Ollila sold off the firm's cable manufacturing operations. Nokia released its blockbuster 2100 mobile phone series that year, selling 20 million units. To raise capital, the firm listed its shares on the New York Stock Exchange in 1994. The tire division was spun off into a separate company in 1995, and in 1996 television operations were brought to a halt…
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