Finnish-German network equipment
vendor Nokia Siemens Networks (NOK, SI) plans to cut between 1,200 and 1,300
jobs in Finland as part of a massive restructuring effort announced in
November, Finnish broadsheet Helsingin Sanomat reported Saturday, citing anonymous
sources.
Nokia Siemens will provide details
about talks with its employees this week, the newspaper reported.
Rajeev Suri, chief executive of
the joint venture, owned by Nokia Corp. and Siemens AG, in November said the
company will cut 17,000 jobs globally, or 23% of its current workforce of
74,000, by the end of 2013, and restructure its business in a last-ditch effort
to reach profitability and position itself for independence.
The company also doubled its
target to reach EUR1 billion in annual cost savings by 2013.
NSN declined to comment.
(C) Market Watch
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