Nokia Siemens to lay off 17,000 worldwide

Nov 23, 2011 By MATTI HUUHTANEN , Associated Press
FILE - Telecommunications services company Nokia Siemens Networks company offices in Tampere, Finland, in this file photo dated April 6, 2008. It is announced Wednesday Nov. 23, 2011, that the Finnish-German telecommunications company Nokia Siemans Networks is planning to cut about 17,000 employees by the end of 2013. (AP Photo / LEHTIKUVA, Timo Jaakonaho) FINLAND OUT - NO SALES

(AP) -- Nokia Siemens Networks is slashing 17,000 jobs worldwide by 2013 - nearly 23 percent of its work force - as it strives to cut costs by euro1 billion ($1.35 billion).

The mobile infrastructure company said Wednesday the measures are part of "an extensive global restructuring program," which includes streamlining the organization to improve long-term competitiveness and profitability.

The Finnish-German joint venture said they will also include "a significant reduction of suppliers."

CEO Rajeev Suri said the company will focus on mobile network infrastructure and services market.

"We believe that the future of our industry is in and services. We aim to be an undisputed leader in these areas," Suri said. "At the same time, we need to take the necessary steps to maintain long term competitiveness and improve profitability in a challenging telecommunications market."

He described the planned layoffs as regrettable but necessary.

"As we look towards the prospect of an independent future, we need to take action now to improve our profitability and cash generation," Suri said.

Nokia Siemens, which has been struggling against rival network companies in recent years, is a 50-50 joint venture between Finland's . and Germany's .

Nokia shares were trading up more than 2 percent at euro4.27 ($5.78) in Helsinki.

The company has 74,000 employees in 150 countries.

Explore further: Airbnb rental site raises $450 mn

More information: http://www.nokiasiemensnetworks.com

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Nokia Siemens to buy Motorola wireless gear unit

Jul 19, 2010

(AP) -- Motorola Inc. said Monday that it is selling most of its wireless network division to Nokia Siemens Networks, a Finnish-German joint venture, for $1.2 billion as part of a planned breakup of the company.

Nokia posts loss of $832 million in third quarter

Oct 15, 2009

(AP) -- World-leading mobile phone maker Nokia Corp. on Thursday reported a loss of euro559 million ($832 million) in the third quarter, taking hits from a 20 percent drop in sales and a one-time charge for the fallen value ...

Nokia to ax 220 R&D jobs in Japan

Nov 24, 2009

(AP) -- Nokia Corp. said Tuesday it is axing 220 jobs at research and development units in Japan as the world's largest mobile phone maker continues to cut costs.

Nortel to sell itself off in pieces

Jun 20, 2009

(AP) -- Nortel Networks, once a technology giant, has decided to sell itself off in pieces rather than attempt to emerge from bankruptcy as a restructured company.

Recommended for you

Ex-Apple chief plans mobile phone for India

10 hours ago

Former Apple chief executive John Sculley, whose marketing skills helped bring the personal computer to desktops worldwide, says he plans to launch a mobile phone in India to exploit its still largely untapped ...

Airbnb rental site raises $450 mn

23 hours ago

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

US venture investments highest since 2001 (Update)

Apr 18, 2014

Funding for U.S. startup companies soared 57 percent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into a growing number of deals, according to a report due out Friday.

User comments : 0

More news stories

Ex-Apple chief plans mobile phone for India

Former Apple chief executive John Sculley, whose marketing skills helped bring the personal computer to desktops worldwide, says he plans to launch a mobile phone in India to exploit its still largely untapped ...

Airbnb rental site raises $450 mn

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

Health care site flagged in Heartbleed review

People with accounts on the enrollment website for President Barack Obama's signature health care law are being told to change their passwords following an administration-wide review of the government's vulnerability to the ...

A homemade solar lamp for developing countries

(Phys.org) —The solar lamp developed by the start-up LEDsafari is a more effective, safer, and less expensive form of illumination than the traditional oil lamp currently used by more than one billion people ...

NASA's space station Robonaut finally getting legs

Robonaut, the first out-of-this-world humanoid, is finally getting its space legs. For three years, Robonaut has had to manage from the waist up. This new pair of legs means the experimental robot—now stuck ...

Filipino tests negative for Middle East virus

A Filipino nurse who tested positive for the Middle East virus has been found free of infection in a subsequent examination after he returned home, Philippine health officials said Saturday.

Egypt archaeologists find ancient writer's tomb

Egypt's minister of antiquities says a team of Spanish archaeologists has discovered two tombs in the southern part of the country, one of them belonging to a writer and containing a trove of artifacts including reed pens ...