Nokia Siemens Networks plans to revamp its management in Europe and Latin America, closing down functions and simplifying its structure as the wireless-gear venture of Nokia Oyj and Siemens AG cuts costs.
Ericsson AB and Nokia Siemens Networks urged the European Union to back off from its threat of imposing tariffs on Chinese-made mobile-telecommunications equipment, throwing support behind some of their biggest rivals in the region.
Alcatel-Lucent SA Chief Executive Officer Michel Combes, taking the reins after his predecessor’s turnaround plan failed, told shareholders today keeping the pace of cash consumption under control and focusing on fewer businesses are among the network-equipment maker’s priorities.
Nokia Siemens Networks is selling 600 million euros ($779 million) of bonds and published a detailed list of assets and liabilities, as Nokia Oyj and Siemens AG seek to make the venture more independent.
Huawei Technologies Co., China’s biggest maker of phone-network equipment, will hire 5,500 people in Europe in the next four to five years, bringing its workforce in the region to 13,000, even as competitors make reductions.
Nokia Siemens Networks, the phone- equipment venture of Nokia Oyj and Siemens AG, may sell as much as 750 million euros ($1 billion) of bonds to bolster its finances, according to a person familiar with the plans.
Nokia Oyj, the Finnish mobile-phone maker seeking a comeback, reported its smallest quarterly revenue in 13 years as handset demand waned, missing analysts’ estimates and sending its stock down 8.3 percent.