Nokia Siemens Makes Further Job Cuts
Posted on: Thursday, 13 November 2008, 06:00 CST
Nokia Siemens Networks has announced plans to cut 1,820 jobs as part of the final stage of a restructuring plan aimed at achieving E2 billion ($2.55 billion) in annual cost savings.
It said the proposed headcount reduction is a result of merger-related synergies, which also includes changes to its product portfolio, site optimization, streamlining of various functions, and long-term R&D balancing.
It plans to reduce headcount by 750 in Finland and 500 in Germany by the end of October 2009. It will also cut 50 jobs in Egypt and 20 in the US.
Mika Vehvilainen, COO at Nokia Siemens Networks, said: "These expected changes, hard as they are, will make Nokia Siemens Networks a more competitive company and that will have long-term benefits for Germany and Finland alike."
Nokia Siemens Networks, a 50-50 joint venture between cellphone maker Nokia and German conglomerate Siemens, started its operations in April 2007. It aims to have a headcount of 7,000 in Finland, from an initial base of 9,200, and 10,000 in Germany, from an initial base of approximately 13,000.
Source: Datamonitor
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