De' Longhi, a producer of household appliances, has agreed to the terms for the acquisition of Nokia's production facility in Cluj, Romania, subject to approvals by the relevant authorities.

The transaction is expected to be finalized during the first quarter of 2012, with both companies agreeing to keep the terms of the deal confidential.

De' Longhi said in a press release that it plans to make the facility a key part of its development strategy, aimed at supporting its fast-growing international presence.

"After announcing its plans in September 2011 to end manufacturing in Cluj and focus feature phone production in locations closest to suppliers and key markets, Nokia has been active in seeking potential buyers for the facility in close consultation with the relevant authorities in Romania," a press statement said.

Robert Andersson, senior vice president at Nokia, who led the discussions, said: "As we assessed the interest in our facility, Nokia was determined to find a major investor with clear plans for growth and committed to creating jobs here in the immediate future. De' Longhi was the ideal candidate in both respects and we are really pleased to have been able to secure the future of the facility so quickly."