Nokia announced global job cuts related to its recent acquisition of Alcatel-Lucent.
Nokia is targeting EUR 900 million of operating cost synergies to be achieved in full year 2018 .
The headcount reductions are expected to take place between now and the end of 2018, consistent with the company’s synergy target timeline.
The company said personnel reductions will come largely in areas where there are overlaps, such as research and development, regional and sales organizations as well as corporate functions. Consultations are beginning with the company’s two European Works Councils. Similar meetings and consultations with employee representatives are taking place in almost 30 countries in the coming weeks. Processes and timelines will vary from one country to another.
“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.”
