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Nokia to cut 3,500 jobs, close Romania plant
Reuters ^ | 09/29/11 | Tarmo Virki

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 ...

TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: economy; finland; layoff; nokia

1 posted on 09/29/2011 4:52:59 AM PDT by TigerLikesRooster
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To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...


2 posted on 09/29/2011 4:54:00 AM PDT by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
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To: TigerLikesRooster

Talk about a textbook case of how to lose market domination in a short period by not keeping up with technology.

3 posted on 09/29/2011 5:12:11 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: Opinionated Blowhard

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.

4 posted on 09/29/2011 6:18:14 AM PDT by 1rudeboy
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To: 1rudeboy

The first stock I ever invested in: 500 shares of Nokia. Then along came 911. Poof.

5 posted on 09/29/2011 9:19:46 AM PDT by EggsAckley ( There's an Ethiopian in the fuel supply ! !)
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