Nokia To Cut 10,000 Jobs By End Of 2013

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JOBS

Nokia to cut 10,000 jobs by end of 2013

HELSINKI: Finnish-based mobile phone maker Nokia Thursdaysaid it planned to cut 10,000 jobs by the end of 2013.

"These planned reductions are a difficult consequence of the intended actions we believe we must take to ensure Nokia’s long-term competitive strength," said chief executive Stephen Elop.

Nokia is trying to regain its former dominant role in the high-end mobile phone sector, and a year ago signed an agreement with software company Microsoft to use its Windows operating system.

The group also lowered its outlook for the second quarter, citing lower-than-expected sales for its smartphones.

Nokia said it planned further cost cutting measures worth 1.6billion euros (2 billion dollars) by the end of 2013. As of the first quarter this year, Nokia said it had cut costs by 700 million euros.

As part of the measures, research and development projects at plants in Ulm, Germany, and Burnaby, Canada, were to be closed, as was the production plant at Salo, Finland. The move affected 850employees in Salo.

The group was to sell its luxury mobile phones business Vertu to European private equity firm EQT VI.

Chief marketing officer Jerri DeVard, vice president of the mobilephones division Mary McDowell, and vice president of markets NiklasSavander, were to leave the company, Nokia said.

Nokia had close to 125,000 employees including the joint venture Nokia Siemens at the end of March.

-- The Nation 2012-06-14

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That suggest that Nokia will still exist by the end of 2013.....Very optimistic thinking.