Telecommunications networking company Nokia Siemens Networks said today it plans to cut its global workforce by 17,000.
The company, a joint venture of Nokia (NYSE:NOK) and Siemens (NYSE:SI), said its strategy is to focus on mobile broadband and services, and its launch of its global restructuring program.
Nokia Siemens will target end-to-end mobile network infrastructure and services, with an emphasis on mobile broadband.
Its restructuring program aims to reduce expenses and overhead by 1 billion euros by the end of 2013.
By that time, it will have made the 17,000 job reductions, which are expected to include elimination of the company's matrix organizational structure, site consolidation, transfer of activities to global delivery centers, consolidation of certain central functions, cost synergies from the integration of Motorola's wireless assets, efficiencies in service operations, and company-wide process simplification.
When Motorola split into Motorola Solutions (NYSE:MSI) and Motorola Mobility Holdings (NYSE:MMI), some wireless assets were sold to Nokia Siemens.
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.