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Nokia Siemens Networks is slashing 17,000 jobs worldwide by 2013 — nearly 23 percent of its work force — as it strives to cut costs by euro1 billion ($1.35 billion).
Mobile Infrastructure Company, said today that the measures are part of a comprehensive global restructuring program, which includes streamlining the organization to improve long-term competitiveness and profitability.
The Finnish-German company, said that there will be a significant reduction in service.
CEO of Nokia Siemens Networks, Rajeev Suri said the company will focus on mobile network infrastructure and services market.
He described the plan to cut jobs as something that is regrettable but “necessary.”
Joint venture Nokia Siemens Networks, which was established in 2007, is jointly owned by Finnish mobile phone maker Nokia and Germany’s Siemens.