Kippreport investigates if oil prices aren’t the only cause for the market slumpAugust 27, 2015 12:00
From its origins as a wood-pulp mill in southern Finland, to rubber boot manufacturer and now the world’s leading phone brand, Nokia has come a long way.
October 13, 2008 6:22 by kippreport
In 1962 Onni Nurmi, a reclusive bachelor from the village of Pukkila lies, a farming to the northeast of Helsinki, died leaving a few hundred shares in Nokia, then a small company that produced rubber boots. His sole stipulation was that the shares were never to be sold and that the dividends were to be used “for the recreation of the people” living in the village’s modest nursing home. His bequest was executed and the sluggish pace of life in Pukkila continued uninterrupted for the next 30 years. Then, in 1992, the value of the Nokia shares skyrocketed, becoming worth tens of millions of dollars overnight. The Finnish economy has much to thank Nokia for: The company employs nearly 24,000 people in the country, sends many more Finns out to manage its overseas offices and single-handedly pulled Finland out of the recession of the early 1990s. It is estimated 37 of the 50 wealthiest Finns owe their fortunes to Nokia.
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