Nokia Siemens to Cut 1,000 Jobs in Germany as Key Contract Expires (NOK) (SI)
Get Alerts NOK Hot Sheet
Join SI Premium – FREE
Nokia Siemens -- the communications equipment joint venture of Nokia Corp (NYSE: NOK) and Siemens AG (NYSE: SI) -- may end up with more job cuts as one of its key contracts in Germany failed to get renewed.
About 1,000 positions at NSN's German services unit will be lost as the unit is closed following NSN and Deutsche Telekom failing to extend a five-year contract over phone cable services.
News comes following Monday's announcement that NSN will unload its optical networks unit, which employs about 1,900 people.
NSN bought the German services unit from Deutsche Telekom in 2007, Bloomberg data shows. Neither company issued a comment on the closing.
Nokia and Siemens are both indicated higher Tuesday morning.
About 1,000 positions at NSN's German services unit will be lost as the unit is closed following NSN and Deutsche Telekom failing to extend a five-year contract over phone cable services.
News comes following Monday's announcement that NSN will unload its optical networks unit, which employs about 1,900 people.
NSN bought the German services unit from Deutsche Telekom in 2007, Bloomberg data shows. Neither company issued a comment on the closing.
Nokia and Siemens are both indicated higher Tuesday morning.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fisker (FSR) files form 10-K, sees more job cuts, reiterates going concern doubts
- Affirm stock drops on report Walmart-backed fintech One is launching BNPL; Mizuho says 'concerns overblown'
- Gold prices steady below $2,400; Rate fears, dollar pressure persist
Create E-mail Alert Related Categories
Insiders' BlogRelated Entities
LayoffsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!