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Nokia, Siemens to Merge in $30B Venture
The joint venture was expected to be finalized by the end of the year, pending regulatory approval, and both companies said that between 10 percent and 15 percent of staff positions, or about 9,000 jobs, would likely be cut over the next four years in a bid to save $1.9 billion.
Nokia employs 62,000 people. Siemens, Europe's largest electronics and electrical engineering company, employs more than 460,000 people.
  Nokia Corp. executive Simon Beresford-Wylie speaks during a press conference in Cannes, France, in this Feb. 14, 2005, file photo. Beresford-Wylie will reportedly head a new company formed by the combination of Nokia's and Siemens' telephone equipment units. (AP Photo/Lionel Cironneau) (Lionel Cironneau - AP) Save & Share |
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Associated Press Writer Matti Huuhtanen in Helsinki, Finland, contributed to this report.
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