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Tuesday, November 03, 2009
Nokia Siemens May Cut Nearly 6,000 Jobs
By Steve Goldstein
MarketWatch Pulse
LONDON -- Telecom equipment maker Nokia Siemens Networks announced a plan to cut between 7% and 9% of its 64,000 person workforce in a bid to reduce annual operating expenses by around 500 million euros a year by the end of 2011. Total charges will be in the range of 550 million euros. Nokia Siemens also is targeting a decline in product and service procurement costs "substantially larger" than 500 million euros. It also said it will pursue acquisitions when assets are available, particularly those at enhance scale of existing product and service business lines and deepen relationships with key customers. Nokia Siemens is equally owned by Nokia and Siemens .
Copyright © 2009 MarketWatch, Inc.
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