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Nokia on the road of restructure: 10000 job cuts

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Nokia in a major announcement made on Thursday has said that

As a result of the planned changes announced today, Nokia plans to cut up to 10,000 positions globally by the end of 2013. Nokia is beginning the process of engaging with employee representatives in accordance with country-specific legal requirements”.

Nokia with an aim of taking company towards profitable growth, It has Provided a course of action’s which will

- Sharpen the strategy of Nokia.

- Reduce operating experience significantly.

- Remain focus on the unique experience provided by its smartphone and feature phone with and emphasis on Location based services.

Nokia strategy is basically focused on 

Smart devices based on Windows Platform: Nokia will invest in products and experiences that will make Lumina a stand out product in the market. Nokia will broaden the price range of Lumina and will differentiate with windows phone platform, new technologies and location based services.

Nokia has also planned to acquire Sweden based Scalado an imaging technology company which is used in more than a billion devices. Nokia has also planned to use it mapping technology in multiple industries to strengthen and monetize the Platform.

Nokia will also continue to enhance on its competitiveness and profitability in mobile phone business.

Nokia has announced to close facilities in many countries.

- Nokia will closed its facilities in Germany and Canada.

- Manufacturing facility is Salo Finland will be closed.

Nokia has also renewed its leadership team.

Stephen Elop, Nokia president and CEO has said “These planned reductions are a difficult consequence of the intended actions we believe we must take to ensure Nokia’s long-term competitive strength. We do not make plans that may impact our employees lightly, and as a company we will work tirelessly to ensure that those at risk are offered the support, options and advice necessary to find new opportunities.”

 Timo Ihamuotila, executive vice president and CFO has said “Nokia is significantly increasing its cost reduction target for Devices & Services in support of the streamlined strategy announced today. With these planned actions, we believe our Devices & Services business has a clear path to profitability. Nokia intends to maintain its strong financial position while proceeding aggressively with actions aimed at creating shareholder value.”

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