Nokia Siemens Network(NSN), the second largest mobile equipment maker in the world is about to cut 4,100 job in its home countries, including some 2,900 jobs in Germany and 1,200 in Finland.
The job cuts is part of its restructuring plans announced last November where it will lay off 17,000 jobs globally, or 23% of its work force of 74,000, to save €1 billion ($1.35 billion) in annual costs by 2013.
The joint venture between Nokia and Siemens since 2007 has struggled to report a profit as it faces heavy competition from Chinese rivals such as ZTE & Huawei. Both Nokia and Siemens originally tried to sell the joint venture but gave up those plans later.[Source]- Reuters