Wednesday, February 11, 2009

Nokia to temporarily layoff people and cut production

Global economic recession is bringing down every industry. Now it is with mobile phones. Cellphone maker Nokia said on Wednesday that it would cut production on its Salo plant in Finland as demand for cellphone has dropped.

Temporary Layoff
At the Salo plant it will temporarily lay off the whole 2,500 staff on a rotational basis, with between 20 percent and 30 percent of staff idle at a time.
Closed factory
Last year Nokia closed its Bochum, Germany site.
Effect on Nokia's share price
On average, Nokia's earnings per share is expected to fall to 0.08 euros, the weakest level since the third quarter of 2001.

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