Nokia Siemens Networks, the mobile infrastructure company, which is struggling against its rival has opted for an extensive global restructuring program and will be slashing 17,000 jobs worldwide by 2013. This is in line with its effort as it strives to cut costs by (euro) 1 billion ($1.35 billion). The initiative would include streamlining the organization to improve long-term competitiveness and profitability which also would include a significant reduction of suppliers. According to the company, the planned layoff is regrettable but necessary.
The company, a 50:50 joint venture between Nokia Corp and Siemens AG believes that the future of the industry is in mobile broadband and services and that the company would focus on network infrastructure and service market.
Source: The Economic Times