Nokia Siemens to cut 17,000 jobs, 23% of its workforce
The struggling telecoms equipment maker Nokia Siemens Networks is cutting 17,000 jobs, 23% of its workforce.
The cuts from its 74,000-strong workforce should help reduce costs by some 1bn euros ($1.35bn; £860m), the company said in a statement.
The loss-making venture, owned by Finland's Nokia and Germany's Siemens, has faced stiff competition from rivals such as Huawei and Ericsson.
The firm, which is a joint venture between Finland's Nokia and Germany's Siemens, has said the restructuring program will involve cuts across operations worldwide. Nokia operated a total of 15 manufacturing facilities in Brazil, China, Finland, Germany, Hungary, India, Mexico, the Republic of Korea and the United Kingdom.
Industry job cuts
- Alcatel-Lucent cut 12,500 jobs in 2007
- Ericsson cut 5,000 jobs in 2009 and 1,500 jobs in 2010
- Nortel cut 3,500 jobs in 2009
Shares in Nokia Siemens rose more than 2% to 4.27 euro after the announcement.