Nokia to carry out 4,000 job cuts
The company announced a series of job cuts in a statement in September 2011
8 February 2012 Last updated at 19:04
Finnish mobile phone maker Nokia announced the details of 4,000 job losses on Wednesday at plants in Hungary, Mexico and Finland.
The company said the plants would remain open and refocus on customising phones whilst the actual assembly would move to South Korea and China.
The cuts are planned to be complete by the end of the year.
Nokia said the move is aimed at placing its production closer to its component suppliers who are also based in Asia.
The cuts come two weeks after the Finnish firm posted a 1.08bn euro ($1.4bn; £905m) loss for the three months to the end of December 2011.
Nokia reported that its net sales fell 21% on a year earlier to 10bn euros and net sales of its mobile phones were down by a quarter.
Nokia, formerly the world’s largest maker of mobile phones, announced a tie-up with Microsoft last year in the face of fierce competition from a new generation of smartphones including Apple’s iPhone and Samsung’s Galaxy.
At the time Nokia chief executive Stephen Elop likened Nokia’s situation to standing on a “burning platform”.
The company announced a series of job cuts in a statement in September 2011 and mentioned planned cuts to its European facilities at the time.
With the latest job losses, the firm has made 14,000 cuts since 2010.