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Article: Finland: Nokia Siemens Networks Launches Cost Cutting Plan.
- Article from:
- TendersInfo
- Article date:
- November 4, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: datta03
Nokia Siemens Networks said Tuesday it is reorganizing its business and may cut jobs to reduce costs and shore up profitability, the latest network equipment vendor to restructure due to challenging market conditions.
The company, a joint venture between Finland's Nokia Corp. (NOK) and Germany's Siemens AG (SI), said it aims to reduce annualized operating expenses and production overheads by EUR500 million by the end of 2011 compared with 2009 through the measures. The company said it will also target annual reductions in product and service procurement costs.
Nokia Siemens said it will conduct a personnel review which could ...