The Europeans do not celebrate Thanksgiving. That is a good thing today, because some 17,000 workers in Europe and elsewhere under the Nokia-Siemens Networks venture are going to be fired between now and 2013.
The 50/50 joint venture, owned by Siemens AG (NYSE: SI) and the troubled Nokia Corporation (NYSE: NOK), is aiming to carve out 1 billion Euros in cost savings. The cuts are not just European but are said to be part of an extensive global restructuring program that will not just aim to lower headcount. It looks as though the number of facilities and suppliers will also come under review.
Also targeted are areas such as “real estate, information technology, product and service procurement costs, overall general and administrative expenses, and a significant reduction of suppliers in order to further lower costs and improve quality.”
The telecom and communication infrastructure venture outlined more details here.
JON C. OGG
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