Nokia Cuts 10,000 Jobs

Nokia says it will slash 10,000 jobs and close plants as the ailing
company fights fierce competition, and gave a grim outlook for most of
the year, causing its shares to plummet 18 percent to close at €1.83
($2.30).

The Finnish cellphone maker also on Thursday announced personnel
changes and said it has agreed to sell its luxury phone brand, Vertu.

The measures, aimed at additional cost savings of €1.6 billion ($2
billion) by the end of next year, will shut down research and
development facilities in Ulm, Germany, and Burnaby, British Columbia.
Nokia said it will also close its main Finnish manufacturing plant in
Salo, with 850 layoffs, but will keep its research and development
center there.

From http://abcnews.go.com/Technology/wireStory/nokia-cuts-10000-jobs-streamlines-save-costs-16566767

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