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© pinonsky dreamstime.com Electronics Production | December 20, 2016

Ericsson to reduce Italian workforce following contract loss

The Swedish telecom company is reported considering reducing its Italian workforce by about 1’000 employees after a contract to manage Italy’s largest wireless network slipped its grip.
Sources told Bloomberg that Ericsson was not chosen to merge and run the network CK Hutchison Holdings Ltd. and VimpelCom Ltd. – and the job cuts are said to be a result of losing out on the contract, which was reportedly valued at USD 1 billion.

Ericsson declined to comment when approached by Bloomberg.

The report continues stating the Chinese ZTE Corp. is close to bagging the contract from Hutchison and VimpelCom to mange their Italian networks. The sources indicated that besides the already mentioned companies, both Huawei and Nokia were also competing for the contract.

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November 14 2017 8:30 PM V8.8.9-1