Nokia to license 'very valuable brand' name to relevant third-parties

Finnish telecom giant Nokia is looking to license its brand out to third party manufacturers following the sale of its mobile production department to Microsoft earlier this year.

Despite no longer having the production capabilities to enter the devices market, Ramzi Haidamus, president of Nokia technologies, said the firm is looking to sell its brand name to interested parties, according to the Verge.

The firm is restricted from selling its smartphone naming rights until 2016 as a result of the Microsoft agreement but Nokia is looking to expand into other industries. Microsoft dropped the Nokia branding from its smartphones last month. Microsoft budget mobiles will still feature Nokia branding for another decade however.

Haidamus said: “It is our goal to start licensing our brand in areas other than these two restricted areas, starting this quarter actually, in the areas where the brand is relevant.”

“We have a very valuable brand, [but] it is diminishing in value, and that’s why it is important that we reverse that trend very quickly, imminently.”

He added that the third party products "will look and feel just like Nokia built it.”