More cost cutting
Former rubber boot maker Nokia is to slash 350 jobs in Finland as part of a cunning cost cutting plan.
Nokia said the move was part of ongoing plans to find savings worth 700 million euros ($800 million) by 2020.
Head of the company’s Finnish operations, Tommi Uitto, said in a statement said that the planned changes are indispensable to secure Nokia’s long-term competitiveness.
The redundancies had been expected since October when the Finnish telecoms equipment maker’s third-quarter results missed expectations.
As part of the latest rejig it will create a new “enterprise” unit, led by its chief strategy officer Kathrin Buvac.
Nokia has already been slashing costs as part of its acquisition and integration of Alcatel-Lucent. The latest plan will cost €900m to deliver and is necessary for the company to hit its long term profit targets, according to chief executive Rajeev Suri.
