Nokia announced plans on Sunday to rebrand, change its logo for the first time in close to 60 years as it drives aggressive growth.
According to the CEO, Pekka Lundmark, the new Nokia’s branding reflects its new focus as a business technology company.
He said during an interview with Reuters, “There was an association with smartphones and nowadays we are a business technology company.”
Lundmark said the company had 21% growth in 2022 in its enterprise accounting for 8% of its total sales.
In his words, “We had very good 21% growth last year in enterprise, which is currently about 8% of our sales, (or) 2 billion euros ($2.11 billion) roughly,” Lundmark said. “We want to take that to double digits as quickly as possible.”
According to Reuters, Major technology companies have started collaborating with telecom equipment manufacturers like Nokia to provide private 5G networks and equipment for automated factories to them.
Nokia intends to evaluate the development of each of its companies and explore all available options, including divestiture.
Nokia CEO said, “The signal is very clear. We only want to be in businesses where we can see global leadership.”
Nokia will be competing against major IT firms like Microsoft and Amazon as they move toward data centers and factory automation.
“There will be multiple different types of cases, sometimes they will be our partners … sometimes they can be our customers… and I am sure that there will also be situations where they will be competitors,” he added.