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In a latest development, Nokia is planning to cut thousands of jobs worldwide, including 1,400 in Germany and 1,300 in its native Finland, as part of a cost-cutting program following its acquisition of Alcatel-Lucent.
It is to be mentioned that Finland’s biggest company has cut thousands of Finnish jobs over the past decade as its once-dominant phone business was eclipsed by the rise of smartphone rivals. The phone business was eventually sold to Microsoft, which has continued cutting jobs in the recession-hit country. Nokia is looking to reduce operational costs by 900 million euros ($1.03 billion) by 2018 after its recent 15.6 billion euro ($17.7 billion) all-share deal for Franco-American rival Alcatel-Lucent. The acquisition is intended to help Nokia to compete with Sweden’s Ericsson and China’s Huawei in a market where limited growth and tough competition are pressuring prices.
Nokia refused to give a total figure for global job losses but said it was starting talks with employee representatives in about 30 countries. The company employs about 104,000 worldwide, with around 6,850 in Finland, 4,800 in Germany and 4,200 in France.