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Nokia Siemens to cut 17,000 jobs

Nokia Siemens to cut 17,000 jobs

The struggling telecoms equipment maker Nokia Siemens Networks is cutting 17,000 jobs, 23% of its workforce.

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Business Plan Pro Buy 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.

http://www.municholchol.cl/?fast-custom-essay Fast Custom Essay 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 owners are considering listing the venture as a separate company.

“This is a big move. I believe the goal is an Initial Public Offering [flotation]. That cannot be done with the current structure and operation models,” said Jari Honko, an analyst at Swedbank.

Nokia Siemens chief executive Rajeev Suri described the planned layoffs as “regrettable but necessary”.

Dissertation Comparative Study “As we look towards the prospect of an independent future, we need to take action now to improve our profitability and cash generation,” Mr Suri said.

Buying A Research Paper For College Read More/Source: BBC News

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