Nokia Corp (ADR) (NOK) is likely going to layoff anywhere from 10,000 to 15,000 employees.
Nokia has acquired rival Alcatel Lucent SA (ADR) (ALU) and many of the layoffs will likely be for potions that overlap between the two company’s work forces. The estimated number of layoffs is based on company plans to save $1 billion by 2018.
Nokia currently employs 104,000 people worldwide, which means the layoffs would hit up to 14% of its employees. The company has already made job cuts in Finland and Germany and union leaders expect more to be announced once those are finished, reports Reuters.
Nokia will be offering severance pay for employees that are losing their jobs and will also offer to put them in its Bridge program, which is designed to help them find new jobs.
NOK shares were up 2% as of Tuesday afternoon.
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