Nokia-branded mobile phones are about to make a comeback via a new venture that will reunite the Nokia brand with veteran Nokia executives who aim to move into smartphones capitalizing on an existing operation that sells low-cost basic phones.
HMD Global, a new Finnish company set up to revive the Nokia phone brand, on Thursday took over the basic phone business which Nokia Corp (NOKIA.HE) sold to Microsoft (MSFT.O) in 2014. Nokia the company now largely makes telecom network equipment.
HMD, officially founded six months ago, opens for business this month. It has several advantages over other start-ups, including Nokia’s strong global brand, experienced management and Foxconn (2354.TW) as a manufacturing partner.