Nokia, Siemens announce joint product plan and would start sharing the proposed product portfolio plan for the future Nokia Siemens Networks
Nokia, Siemens announce joint product plan
Last Update: 6:14 AM ET Jan 29, 2007
Edited Press Release
STOCKHOLM (MarketWatch) -- Nokia Corp. (NOK) and Siemens AG (SI) Monday said they would start sharing the proposed product portfolio plan for the future Nokia Siemens Networks with employees and customers starting in early February.
Nokia said, as a result, it and Siemens will immediately begin the process of sharing the proposed future product portfolio information with employee representatives.
"As we continue to make strong progress in integration planning for Nokia Siemens Networks, it is critical that we are able to maintain the strong support that we have seen so far from customers by providing them with clarity about our future portfolio plans," said Simon Beresford-Wylie, chief executive-designate of Nokia Siemens Networks.
"Sharing that information now is also in the best interests of employees so we are able to ensure the strongest possible start for Nokia Siemens Networks. While the portfolio plans are still subject to input from customers and employee consultation processes, we believe that we will be ideally positioned to provide best-in-class products and services for the converging telecommunications world."
Nokia said the planning is still underway to assess the personnel, site and country-level impact of the proposed product portfolio plan as well as expected transition times and requirements for ongoing support for existing products.
As planning proceeds related to the personnel implications of the proposed portfolio plans, those implications will be made available in accordance with local legal practices.
The business and personnel implications are expected to be available only after the closing of Nokia Siemens Networks.
Nokia said as previously announced, the synergies associated with the creation of Nokia Siemens Networks are expected to result in a headcount adjustment over the next four years of about 10%-15% from the initial combined base of about 60,000.
Actual employee reductions will only take place after the appropriate consultations are completed according to each jurisdiction's labor law requirements and Nokia Siemens Networks has begun operations, Nokia said.
Nokia and Siemens have made strong progress towards the integration of Nokia Siemens Networks. The transaction has been given antitrust approval in the European Union and the United States, and the new company's global mode of operation and organizational structure have been defined.
Nokia said the planned merger to create Nokia Siemens Networks is expected to close in the first quarter of 2007.
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