Skip to comments.Nokia to cut 3,500 jobs, close Romania plant
Posted on 09/29/2011 4:52:54 AM PDT by TigerLikesRooster
Nokia to cut 3,500 jobs, close Romania plant
Thu Sep 29, 2011 5:31am EDT
By Tarmo Virki, European Technology Correspondent
HELSINKI (Reuters) - Nokia Oyj, the world's largest cellphone vendor by volume, is cutting 3,500 jobs in its second major restructuring move in a year, as it struggles with falling sales and profits.
Chief executive Stephen Elop, who took over at Nokia a year ago, unveiled the plans, including a factory closure and a new executive chairman for telecom gear joint venture Nokia Siemens Networks, on Thursday.
The company said it would close the Cluj factory in Romania, leading to 2,200 job losses, while a further 1,300 jobs would be cut at its Location & Commerce business unit, which includes the world's largest digital mapping business Navteq.
The latest redundancies come on top of plans set out in April to save 1 billion euros by measures including laying off 4,000 staff.
(Excerpt) Read more at ca.reuters.com ...
Talk about a textbook case of how to lose market domination in a short period by not keeping up with technology.
Someone posted Nokia’s sales figures as compared to its competitors a short while ago. I would have had my letter-of-resignation on the president’s desk in minutes.
The first stock I ever invested in: 500 shares of Nokia. Then along came 911. Poof.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.