Tuesday, November 3rd, 2009
Nokia Siemens Networks to lay off up to 5,700 workers to cut costs
HELSINKI, Finland - Nokia Siemens Networks says it will lay off up to 5,700 workers globally as part of a move to cut annual costs by C500 million (US$740 million).
The mobile network equipment maker says it will reorganize units, reduce overheads, expand its portfolio and consider acquisitions "where assets would add scale to existing product areas or customer relationships."
The Finnish-German joint venture owned by mobile phone maker Nokia Corp. and industrial conglomerate Siemens AG has been struggling in the recession. It said Tuesday it targets annual cuts in "operating expenses and production overheads of C500 million by the end of 2011 compared to the end of 2009."
The company said the savings may include cutting 7 to 9 per cent of its current work force of approximately 64,000 employees.
