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Nokia Siemens to cut 7%-9% of global headcount (NOK,SI)

Nov 03, 2009 (SmarTrend(R) News Watch via COMTEX) --

Companies: Nokia Corp. (NOK), Siemens AG (SI)

11/3/2009-Nokia Siemens Networks (NYSE:NOK) (NYSE:SI) announced a plan to cut between 7% and 9% of its total 64,000 workforce in an effort to reduce its operating expenses by approximately EUR 500 million by the end of 2011.In addition, the Telecom equipment maker said it was looking to lower product and service procurement costs "substantially larger" than EUR 500 million. The company concluded by saying that once assets are available the company was looking to acquisitions to enhance existing product and service lines.

Write to Chip Brian at cbrian@tradethetrend.com

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News Provided by COMTEX

Companies: Nokia Corp. (NOK), Siemens AG (SI)


Related terms: acquisition, market, nyse, securities

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