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MENAFN - 07/11/2012

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(MENAFN) Swedish mobile phone networks firm Ericsson disclosed plans to reduce almost 9 percent of its local staff, as part of its plan to cut costs, Reuters reported.

The world's largest maker of mobile phone networks, which currently employs 17,768 staff in Sweden, said it will fire 1,550 employees, adding that the redundancies were inevitable.

Ericsson is facing a deepening global slowdown, which led the telecom operator to rein spending, coupled with competition, which drove prices down.

The company reported a 42 percent decline in its core profit on slower orders and a shift in business mix to less profitable contracts. The company said then it would focus on cost cuts.

The company stuck to its forecast for total restructuring costs this year of USD597 million, a spokeswoman said.

 






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