Nokia today revealed that it will cut 180 jobs in Finland this year as part of the global cost reduction plan to save EUR 500 million by the end of 2020.
The cost reduction strategy of the network maker will impact all Nokia offices in Finland, though the highest impact will be in Espoo. The company’s 5G product development and Oulu plant is not covered by the plans announced today.
“We will continue measures to improve the operational capacity and to ensure the company’s long-term competitiveness,” Nokia Country Manager Tommi Uitto.
Nokia has updated its previously communicated cost savings target of EUR 700 million to EUR 500 million, mainly because it looks forward to taking additional investment and 5G. Nokia has hired about 370 new employees in Finland in 2019 and plans to continue to invest in certain priority areas in Finland. Nokia has approximately 6,000 employees in Finland.
Nokia said its global restructuring and cost reduction program is progressing in other countries as well.