Member access

4-Traders Homepage  >  Shares  >  NASDAQ OMX NORDIC  >  Ericsson    ERICB   SE0000108656



Ericsson : Confirms 1,399 Job Cuts, SEK1.5 Billion Costs To Hit 1Q13

03/27/2013 | 03:38am US/Eastern
    By Dominic Chopping 

STOCKHOLM--Swedish network equipment vendor Ericsson AB (ERIC) said Wednesday it has cut 1,399 jobs in Sweden as part of a previously announced restructuring, leading to costs of around SEK1.5 billion that will hit its first quarter results.


-On November 7, 2012, Ericsson informed its employees about a change in operations in Sweden, which also included reduction of positions covering all job areas.

-Ericsson in Sweden has reduced its operations by 1,399 positions by adapting the organization, in cooperation with the unions. This has resulted in 919 employees being given notice.

-The majority of the reductions are in Ericsson's Networks unit, but all parts of the organization in Sweden are to some extent affected, impacting all its Swedish sites except Falun, Hudiksvall, Kalmar and Katrineholm.

-The company originally expected to cut around 1,550 jobs.

-At 0819 GMT shares traded 0.7% higher at 81.85.

-Write to Dominic Chopping at; Twitter: @DowJonesNordics

Recommend :
React to this article
Latest news on ERICSSON
4h ago ERICSSON : Verizon Honors Ericsson with Top Performance Award for Corporate Soci..
8h ago ERICSSON : Toshiba America Research, Telcordia Technologies Assigned Patent
10h ago ERICSSON : to split Network unit in two
10h agoDJERICSSON : to Divide Main Networks Unit Into Two New Units
11h ago ERICSSON : Harps On Sustainable Business With Energy Efficient Solutions
14h ago ERICSSON : waits for 4G as sales fail to impress
15h ago Ericsson reports rising profits in Q1
1d ago ARM : European shares fall as ARM Holdings, Ericsson lead tech sector lower
1d agoDJADR Shares End Lower; Ericsson, ARM Holdings Shares Active
1d ago ERICSSON : A Good Fight 2014 Formula 1 UBS Chinese Grand Prix
Dynamic quotes