Nokia announces strategic review of its health tech business

By : |February 16, 2018 0

Nokia has announced a “strategic review of its Digital Health business,” which is part of Nokia Technologies. The Finnish company is also laying off more than 400 employees in its home country. Nokia entered the health industry just two years back with its $190 million purchase of French company Withings.

The division is famous for its hybrid smart watches, which were well-received thanks to their long battery life, as well as its smart scales. It’s not clear what the future holds for the team and products, but a strategic review means Nokia is looking at various options. The blog post, however clearly mentions that this “may or may not result in any transaction or other changes.”

Nokia bought French company Withings in 2016, which makes activity trackers and thermometers, for 170 million euros ($212.3 million)as an initial move in the health market. But the company wrote down 141 million euros of goodwill on the business in the third quarter of 2017.

According to Reuters, the Finnish company will also cut up to 425 jobs this year in its home country Finland as part of a 1.2 billion euro ($1.3 billion) global cost-savings plan which was announced after its 2016 acquisition of Franco-American rival Alcatel-Lucent.

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