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.