Nokia completes buyout of joint venture with Siemens; could start layoffs

In June, Nokia and Siemens announced that Nokia would buy back the portion of its Nokia Siemens Networks telecommunications equipment joint venture that Siemens owned. Today, Nokia announced that transaction is officially complete and the company is a full subsidiary of Nokia.

Along with the new-old owners comes a new logo, shown above, and a new name for the subsidiary, Nokia Solutions and Networks. Nokia spent 1.7 billion euros, or about $2.2 billion, to buy out Siemens' portion of the business. In its press release, Nokia said it has "renewed its commitment to driving leadership in the mobile broadband sector and to operating as a more independent entity."

While everything in today's press release sounds optimistic, another report from Bloomberg, citing unnamed sources, claims that Nokia is already considering some job cuts at NSN. The plan, if put into motion, would lay off as many as 8,500 of its team members, or about 17 percent of NSN's workforce, by the end of 2014 in an effort to boost profitability.

The article claims that a final decision on new layoffs at NSN has yet to be made by Nokia. In the past two years, Nokia Siemens Network cut 20,000 employees but those job cuts helped to make the company profitable for the last four quarters.

Source: NSN | Image via NSN

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