Nokia to close plants, cut 10,000 jobs
Nokia says it will slash 10,000 jobs and close plants as the ailing company fights fierce competition, and gave a grim outlook for most of the year, causing its shares to plummet 18 percent.
The Finnish cellphone maker also on Thursday announced personnel changes and said it has agreed to sell its luxury phone brand, Vertu. The measures, aimed at additional cost savings of $2 billion by the end of next year, will shut down research and development facilities in Ulm, Germany, and Burnaby, B.C. Nokia said it will also close its main Finnish manufacturing plant in Salo, with 850 layoffs, but will keep its research and development center there.