Nokia Siemens 'to cut 9% of workforce'
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AFP
2009-11-04
Telecom equipment maker Nokia Siemens says it will reduce its 64,000-strong workforce by up to nine per cent, or up to 5,800 jobs, in a cost-cutting drive.
The cost-cutting is to "improve financial performance and return to growth" by reducing 500 million euros ($A817 million) in annualised operating expenses and production overheads by 2011, the Finnish-German company said.
"As part of this effort, the company will also conduct a global personnel review which may lead to headcount reductions in the range of about 7-9 per cent of its current approximately 64,000 employees," it added.
Nokia, the world's biggest mobile phone maker, last month reported its first quarterly loss in a decade partly due to a 908 million euros ($A1.48 billion) impairment charge for goodwill in the Nokia Siemens joint venture.
