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Nokia issues layoffs following acquisition of Alcatel
The company taking actions to reduce staff globally as part of its synergy and transformation program. Nokia is targeting EUR 900 million of operating cost synergies to be achieved in 2018 related to the acquisition of Alcatel-Lucent.
At the same time, Nokia says it is taking steps adapt to challenging market conditions and to shift resources to future-oriented technologies such as 5G, the Cloud and the Internet of Things. As part of the program, the company will continue to target worldwide savings in real estate, services, procurement, supply chain and manufacturing. The headcount reductions are expected to take place between now and the end of 2018. Nokia says the that the reductions will come largely in areas where there are overlaps, such as research and development, regional and sales organisations as well as corporate functions. "These actions are designed to ensure that Nokia remains a strong industry leader," said Nokia President and CEO Rajeev Suri. "When we announced the acquisition of Alcatel-Lucent we made a commitment to deliver EUR 900 million in synergies - and that commitment has not changed. We also know that our actions will have real human consequences and, given this, we will proceed in a way that that is consistent with our company values and provide transition and other support to the impacted employees."
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