Nokia Siemens Networks plans to focus on mobile broadband and services and will cut about 17,000 jobs.
ESPOO, Finland (TheStreet) -- Nokia Siemens Networks said Wednesday it plans to focus on mobile broadband and services and will cut about 17,000 jobs.
The company, a joint venture of Finland's Nokia(NYSE:NOK) and Germany's Siemens(NYSE:SI), said in a statement Wednesday that its restructuring program aims for cost cuts of €1 billion by the end of 2013.
"We believe that the future of our industry is in mobile broadband and services -- and we aim to be an undisputed leader in these areas," said Rajeev Suri, CEO of Nokia Siemens Networks. "At the same time, we need to take the necessary steps to maintain long-term competitiveness and improve profitability in a challenging telecommunications market."
-- Written by Joseph Woelfel
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