Telecom gear maker Ericsson will shut down its modems business to focus on other growth opportunities, a move that could impact as many as 1,582 people globally, including India. India has the second highest number of employees after its headquarters in Sweden. At present, Ericsson employs 1,582 employees at its modem division, with 689 in Sweden, India (235), Germany (216), China (206) and Finland (122). Ericsson in a statement said: "It will discontinue future development of modems and shift parts of resources in modems to radio network R&D to better capture growth opportunities in this area." The change in strategy for modems comes as the company completes its previously communicated evaluation of the future of the modems business, the NASDAQ-listed firm added.
Read the Economic Times news report here.