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Electronics Production | January 25, 2010

Ericsson lays off additionally 1500

Ericsson sales in the fourth quarter was SEK 58.3 (67.0) billion, -16% for comparable units.
"During the second half of 2009, Networks' sales were impacted by reduced operator spending in a number of markets. Group sales for the full year were less affected and the operating margin increased slightly," says Hans Vestberg, President and CEO of Ericsson . "We maintained market shares well in all segments, cash flow was good and our financial position is strong. The services business performed well, and our joint ventures remain on track to return to profit.

When the initial program was announced in January 2009, it was anticipated that the actions would result in a reduction of the number of employees by some 5,000, of which about 1,000 in Sweden. The 5,000 has been exceeded and is estimated to reach approximately 6,500.

The program is planned to be completed by the second quarter 2010 and it is now estimated that the total annual savings of the entire program will amount to SEK 15-16 b. from the second half of 2010.

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