Nokia Siemens continues job cuts

Nokia Siemens Networks said it will continue to make job cuts as it finalizes a restructuring plan to create $2.55 billion in savings by the end of 2009.

The joint venture said it would cut 700 more workers in Finland, bringing the total number of jobs cut in that country to 1,300. In addition, the company said it would cut 500 more jobs in Germany on top of the 2,300 it has already eliminated.

The final cuts will total about 9,000 workers, or between 10 and 15 percent of its global workforce.

"With the successful completion of these plans, we will have the vast majority of the synergy-related headcount reductions completed and we can then start to put this chapter of our history behind us and focus on creating a world-class company," said Nokia Siemens CEO Simon Beresford-Wylie.

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