Sunday , 8 December 2019
Breaking News
Home » Business » Nokia to Kill 10,000 Jobs and Shut Down Factories, Research Centers

Nokia to Kill 10,000 Jobs and Shut Down Factories, Research Centers

Nokia to cut one in five jobsNokia has announced it’s plans cut almost 20% of it’s work force and close research centers and a factory.

Research centers and factory will be closed in Germany, Canada and Finland. It has also announced the departures of three senior executives.

This desperate and sudden move by Nokia came after it continually lost it’s mobile market share to competitors and it’s bid to come-back with Windows based Lumia was futile.

Nokia, based in Espoo, Finland, posted a loss of €929 million, or $1.2 billion, in the first quarter as sales plummeted 29 percent. Once the undisputed global leader in the mobile phone business, Nokia has been outcompeted by Apple, as well as by Samsung and other makers of handsets running Google’s Android operating system.

“These planned reductions are a difficult consequence of the intended actions we believe we must take to ensure Nokia’s long-term competitive strength,” said Stephen Elop, the Nokia chief executive and a former Microsoft executive. “We do not make plans that may impact our employees lightly, and as a company we will work tirelessly to ensure that those at risk are offered the support, options and advice necessary to find new opportunities.”

The company said the job reductions, and the shutdowns of research and development centers in Ulm, Germany, and Burnaby, Canada, and a handset factory in Salo, Finland, would save €1.6 billion by the end of next year.

Related stories:

Apple Earnings 2009 report
Google sued by Chinese author Mian Mian
Facebook's Zuckerberg Richer than Apple's Steve Jobs
Time Magazines Person of the Year 2010: Facebook co-founder Mark Zuckerberg
Infosys in safe hand, confident retiring Infosys founder Narayana Murthy
Sony Suffers $2.9 Billion Loss, New CEO Says Things to Get Worse
Sony to cut 10,000 jobs worldwide
JCPenney to Close 33 Stores, kill 2000 jobs!