Nokia Siemens to cut 17,000 jobs

23 November 2011 Last updated at 08:08 ET

Nokia Siemens may be floated on the stock market

The struggling telecoms equipment manufacturer Nokia Siemens Networks is cutting 17,000 jobs.

The cuts from its 74,000-strong workforce should help cut operating costs by some 1bn euros ($1.35bn; £860m).

Nokia Siemens has struggled to make profits so its parent firms are eager to distance themselves from it.

This might result in shares in the subsidiary being listed on the stock market.

"As we look towards the prospect of an independent future, we need to take action now to improve our profitability and cash generation," Nokia Siemens chief executive Rajeev Suri said.

Source: http://www.bbc.co.uk/go/rss/int/news/-/news/business-15858081

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