Nokia Siemens to Cut 1,000 Jobs in Germany as Key Contract Expires (NOK) (SI)

December 4, 2012 6:37 AM EST
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.

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