Nokia Announces Massive Job Cuts
Mobile device maker, Nokia is seeing a difficult moment in its business life.
On Thursday, the Finnish mobile phone pioneer, announced that it plans to cut around 600 jobs in France.
Apparently, the company is seeking ways to cut costs and refocus the business which has been making losses for years now.
The group said it plans to reduce its headcount in France by 597, a little over 10% of its total workforce in the country.
French trade unions are however kicking against the decision, saying it is "unacceptable.”
Nokia, which no longer makes handsets having sold that business to Microsoft, bought French-American telecoms equipment maker, Alcatel-Lucent in 2015 in a deal that was expected to lead to savings.
The cuts in France will be focused on administrative and support services. It will not affect research and development as it refocuses on high-speed 5G telecom networks, cyber security and internet-linked appliances, the group said.
Nokia is aiming to make a lot of cash, about 1.4 billion dollars in total cost savings by the end of 2018 after it lost so much money last year.