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Nokia announces plans to cut 1,700 jobs
By Chad Thomas |
March 18, 2009, Wednesday
|
Print Edition
Print Edition
NOKIA Oyj, the world's biggest maker of mobile phones, plans to cut 1,700 jobs in sales, marketing and some technology functions to adapt to falling consumer demand.
The company, based in Espoo, Finland, will start consultations with unions about the cutbacks, which are part of previously announced plans to adjust to a shrinking market, Nokia said in a statement yesterday.
Of the cuts, about 700 will be in Finland, spokeswoman Eija-Riitta Huovinen told Bloomberg News.
"The cuts are part of our efforts to adjust to the market situation," Huovinen said. "The announced cuts are the maximum impact that we see."
Nokia said on January 22 that it aims to reduce annual costs at devices and services by more than 700 million euros (US$909 million) by the end of 2010, after slashing its dividend for the first time in seven years.
Nokia forecasts a 10-percent slide this year in industry sales as the global crisis saps demand.
Nokia sold 15 percent fewer phones in the fourth quarter than a year earlier and cut its industry sales forecast in January for a third time since November.
The economic slump has led competitors Motorola Inc and Sony Ericsson Mobile Communications Ltd to post losses.
Chief Financial Officer Rick Simonson said in January that Nokia cut its dividend and put share buybacks on hold to reflect lower earnings and preserve cash.
Nokia sold 1.75 billion euros in bonds earlier this year to raise additional funds.
"Nokia continues to seek savings," the company said.
The company, based in Espoo, Finland, will start consultations with unions about the cutbacks, which are part of previously announced plans to adjust to a shrinking market, Nokia said in a statement yesterday.
Of the cuts, about 700 will be in Finland, spokeswoman Eija-Riitta Huovinen told Bloomberg News.
"The cuts are part of our efforts to adjust to the market situation," Huovinen said. "The announced cuts are the maximum impact that we see."
Nokia said on January 22 that it aims to reduce annual costs at devices and services by more than 700 million euros (US$909 million) by the end of 2010, after slashing its dividend for the first time in seven years.
Nokia forecasts a 10-percent slide this year in industry sales as the global crisis saps demand.
Nokia sold 15 percent fewer phones in the fourth quarter than a year earlier and cut its industry sales forecast in January for a third time since November.
The economic slump has led competitors Motorola Inc and Sony Ericsson Mobile Communications Ltd to post losses.
Chief Financial Officer Rick Simonson said in January that Nokia cut its dividend and put share buybacks on hold to reflect lower earnings and preserve cash.
Nokia sold 1.75 billion euros in bonds earlier this year to raise additional funds.
"Nokia continues to seek savings," the company said.
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