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Nokia announces over 1,000 job cuts in Finland

Nokia is continuing on culling jobs as a part of cost saving measures.

  • Published: May 21, 2016 11:52 AM IST
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Finnish telecommunications giant Nokia announced on Friday it would terminate over 1,000 jobs in Finland. The company has carried out the Finnish style mandated talks with its staff. The reduction is to be carried out by 2018, Xinhua reported.

Nokia has 104,000 employees worldwide. Out of them some 7,000 are in Finland. Of the cutbacks now 500 will affect Espoo, the rest operations in Oulu and Tampere. Nokia is adjusting its operations and staff worldwide following the takeover of Alcatel-Lucent. The company has a worldwide saving target of 900 million Euros (about $1 billion) in annual costs in synergy.

The news of the latest round of cuts comes at a time when Nokia announced that it is all set to make a comeback to the mobile and tablet space at a global level. These upcoming devices will run on Android operating system, and the company has signed an exclusive 10-year licensing deal with HMD Global, a newly founded company based in Finland, to manufacture its products. This development comes shortly after Microsoft announced that it is selling the feature phone business in a group deal to FIH Mobile, a subsidiary of Foxconn, and to HMD Global for around $350 Million.

  • Published Date: May 21, 2016 11:52 AM IST