Simplify the following text for a Grade 6 native English-speaking person.
Original: For a while in the 1970s , Nokia 's network equipment production was separated into Telefenno , a company jointly owned by the parent corporation and by a company owned by the Finnish state . In 1987 , the state sold its shares to Nokia and in 1992 the name was changed to Nokia Telecommunications .
Simplified: Nokia is the biggest and most important Finnish company .