The closure of this business also means handing out pink slips to employees who are working for this unit across the US, Finland and the UK. To start the process, Nokia has already invited employee representatives of Nokia Technologies in Finland to cooperation negotiations.
Nokia's development into VR camera hardware was only launched previous year, as the company attempted to create future growth opportunities beyond its bread and butter network and telecoms business.
Nokia describes the plan as a strategy to sharpen the focus of Nokia Technologies in regards to digital health, and accelerate growth in that market, while optimising investments in virtual reality (VR).
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The rhetoric comes amid a heightening war of words between the United States and North Korea over its nuclear weapons programme. It came as the regime faces growing global pressure to curb its weapons drive following recent nuclear and missile tests.
Nokia OZO.NokiaNokia announced on Tuesday that it is halting production on its €23,500 (£21,000) virtual reality (VR) camera, OZO, which it hailed as the world's best 360 VR camera.
Nokia Technologies is to slash its workforce by nearly a third as it refocuses its efforts towards technology licensing and digital health rather than virtual reality.
There's good news for existing OZO users, however, as Nokia promises that existing commitments will not be impacted.
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The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink . As of the end of the quarter Exane Asset Management had disposed of a total of 8,037 shares trimming its position 26.8%.
Since the split, Nokia Technologies has dabbled in a variety of areas, including handset design (but not manufacturing), patent licensing and digital health.
Nokia will instead make digital health, which it launched with the acquisition of Withings in 2016, a key priority. The reductions will mainly affect workers in Finland, the USA and the UK.
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Bluecrest Capital Management Ltd owns 582,336 shares valued at $2,894,000. 11,002,815 shares of the company's stock traded hands. In other news, Director R Brad Martin purchased 25,000 shares of the company's stock in a transaction on Friday, August 11th.