Nokia Planning Layoffs

Nokia (NYSE:NOK) is beginning actions to reduce company personnel globally. The company is targeting EUR 900 million of operating cost ...

Nokia upgrades whole-home WiFi solution
Nokia upgrades whole-home WiFi solution
Nokia (NYSE:NOK) is beginning actions to reduce company personnel globally. The company is targeting EUR 900 million of operating cost reductions to be achieved in 2018 related to the acquisition of Alcatel-Lucent in January. The company also continues to target worldwide savings in real estate, services, procurement, supply chain and manufacturing.

The headcount reductions are expected to take place between now and the end of 2018. Reductions are expected to come largely in areas where there are overlaps, such as research and development, regional and sales organizations as well as corporate functions.

"These actions are designed to ensure that Nokia remains a strong industry leader," said Nokia President and CEO Rajeev Suri, in a statement. "When we announced the acquisition of Alcatel-Lucent, we made a commitment to deliver EUR 900 million in synergies - and that commitment has not changed. We also know that our actions will have real human consequences and, given this, we will proceed in a way that that is consistent with our company values and provide transition and other support to the impacted employees."

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