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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Nokia Siemens to close Bruchsal plant in Germany

Nokia Siemens to close Bruchsal plant in Germany

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Hanoifortune

Hanoifortune
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

GERMANY/HELSINKI/FRANKFURT - Mobile network equipment maker Nokia Siemens Networks (NSN) will cut 650 jobs as it shuts down its plant in Bruchsal, Germany, a spokeswoman for the company said on Thursday.

The 50-50 joint venture between Nokia Oyj and Siemens AG is carrying out a cost-cutting plan, which includes laying off a quarter of its staff and selling product lines to focus on mobile broadband.

The restructuring should result in 1 billion euros (US$1.3 billion) in cost savings by the end of next year.

Workers at the site in Bruchsal, about 125 kilometres south of Frankfurt, were informed of the plan on Tuesday, another spokeswoman for NSN said.

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