Nokia Siemens reportedly cuts 4,100 jobs in Germany and Finland


Nokia Siemens, a joint venture between Finnish mobile phone maker Nokia Corp. (NOK) and German telecom company Siemens AG (SI), plans to cut 2,900 jobs in Germany and 1,200 in Finland, according to several media reports.

The Finland-based joint venture, which is one of the largest telecommunications equipment suppliers in the world, has been a financial burden for both the groups for much of the time since its inception in April 2007.

In November 2011, Nokia Siemens had said that it plans to reduce its global workforce by 23 percent or about 17,000 over the next two years. The company noted that the restructuring program targeted a 1 billion euro or $1.35 billion reduction in operating expense and production overheads by the end of 2013.

Source: Nasdaq