Nokia Siemens Cutting 2,900 Jobs In Germany

Nokia Siemens Networks says it will cut some 2,900 jobs in Germany this year as part of a global restructuring effort.

BERLIN (AP) -- Nokia Siemens Networks says it will cut some 2,900 jobs in Germany this year as part of a global restructuring effort.

The Finnish-German joint venture said Tuesday that about a third of its 9,100 employees in Germany will be laid off and its administrative seat in Munich will be shut down.

In addition, it said some 1,600 jobs will be relocated to the company's remaining five production and research sites across Germany.

The network equipment company, based in Espoo near the Finnish capital Helsinki, announced in November it would cut 17,000 jobs worldwide from its work force of about 70,000 to slash annual costs by €1 billion ($1.32 billion) by 2013.

The joint venture of Nokia Corp. and Siemens AG aims to slim down its operations with a view to becoming an independent company.

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