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: Nokia Siemens Networks, the joint venture between Nokia Oyj and Siemens AG, plans to cut as many as 5,760 jobs as falling prices for telecommunications equipment erase profits. Nokia Siemens may eliminate 7% to 9% of its headcount of about 64,000 employees, the Espoo, Finland-based company said in a statement. The company aims to save 500 million euros annually by 2011-end.
Nokia wrote down 908 million euros in goodwill on the joint venture last quarter as revenue for base stations and other gear declined on falling spending at carriers and competition from Ericsson AB and Huawei Technologies Co.
“Despite having fully achieved the original merger integration savings objectives of Nokia Siemens Networks, changes in the global economy and competitive environment make further cost reductions necessary,” the company said.
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