Nokia Siemens to close German services company

Reuters News
Posted: Dec 04, 2012 1:45 PM
Nokia Siemens to close German services company

FRANKFURT (Reuters) - Nokia Siemens Networks confirmed on Wednesday it would close its loss-making German services company, part of a broader revamp at the telecoms equipment joint venture.

On Tuesday, people familiar with the matter already said the unit, which provides network operations and management services and employs about 1,000 workers, faces closure.

Shuttering the unit, effective by the end of 2013, is part of an overhaul of the joint venture between Nokia and Siemens, which includes shedding a quarter of its workforce and is expected to yield about 1 billion euros ($1.31 billion) in cost savings.

($1 = 0.7642 euros)

(Reporting by Harro ten Wolde)