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Nokia Siemens Cuts 17,000 Jobs to Save $1.3 Billion by 2013

Nokia Siemens Networks, the unprofitable telephone-equipment venture of Nokia Oyj and Siemens AG, will eliminate 17,000 jobs worldwide in its biggest cull to narrow the gap with market leader Ericsson AB.

The reduction, equivalent to about 23 percent of its workforce, will be completed by the end of 2013, when Nokia Siemens aims to cut 1 billion euros ($1.3 billion) in annual operating expenses and production costs. Nokia Siemens will focus on mobile broadband and services, and aims to divest or “manage for value” units that aren’t central to its plans, Espoo, Finland-based Nokia said today.