Nokia Siemens to cut 17,000 jobs
And on Wednesday, Nokia Siemens Networks, a joint venture between Nokia and Siemens (Germany's equivalent to General Electric Co. in the U.S.), announced that it is cutting 17,000 jobs.
The telecommunications company said that the layoffs are a part of a global restructuring that will allow it to be more competitve on the mobile side of its business.
"We believe that the future of our industry is in mobile broadband and services -– and we aim to be an undisputed leader in these areas," Rajeev Suri, Nokia Siemens' chief executive, said in a statement. "At the same time, we need to take the necessary steps to maintain long-term competitiveness and improve profitability in a challenging telecommunications market."
The job cuts will be completed by the end of 2013, the company said.
"These planned reductions are regrettable but necessary –- and it is our goal to make them in a fair and responsible way," Suri said.
The job reductions will also trim about $1 billion from the company's operating expenses over the next two years, the statement said.
-- Nathan Olivarez-Giles
Photo: A woman passes a Nokia Siemens Networks sign at the company's headquarters in Espoo, Finland, on Nov. 23, 2011. Credit: Vesa Moilanen / AFP/Getty Images