Nokia reveals first Growth for Bochum investor

After a month or so of searching, Nokia has caught its first investor for the German state of North Rhine-Westphalia, to participate in the ‘Growth for Bochum’ initiative.

The get out agreement, which Nokia probably begrudgingly entered into last month after closing down its German factory, stated that the Finnish firm had to create new jobs and generate investment for Bochum and its neighbouring cities.

Scanbull Vertical Images, which develops 3D scanning systems, is the first investor, and will open a production site in Bochum.

Under the agreement, Scanbull will take over some production and some office areas at Nokia’s former production site in order to set up product development, production, administration and distribution there. The company has to prioritise the recruitment of former Nokia employees where skills are well matched and intends to create about 150 new jobs.

Nokia shut down its handset manufacturing plant on June 30, moving operations to a cheaper European base in Romania. But the plans caused a political backlash resulting in the Growth for Bochum package.

Under the deal, Nokia will embark upon a proactive, international campaign to attract investors to Bochum in order to create long term employment opportunities; it will help establish an “Entrepreneur Centre” to develop and grow new companies; a Chair will be created at the Bochum University to ensure the commercialisation of scientific research; the firm must find a suitable buyer or investor for the Nokia facilities in Bochum; and will give ‘financial support’ to the surrounding region of Bochum.

As part of the deal, Nokia will also contribute Eur20m plus the net proceeds from the sale of the production facility and property in Bochum.