Siemens CFO blasts NSN German job cut plan: paper

Sat Mar 10, 2012 2:32pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

FRANKFURT (Reuters) - Siemens (SIEGn.DE: Quote) finance chief Joe Kaeser has blasted the way joint venture Nokia Siemens Networks NOKI.UL (NSN) was handling planned job cuts in Germany and called on it to hold talks with labor.

"Siemens will not accept without a fuss that NSN simply disappears from Munich," Kaeser told the Sueddeutsche Zeitung newspaper in Siemens's home town.

"It is really time for NSN management and labor representatives to sit down and constructively seek economically sustainable solutions for the Munich site," he said in the interview published on Saturday.

NSN, in which Nokia NOK1V.HE holds 50 percent plus a "golden share", is run from Finland by Indian executive Rajeev Suri, who has called 3,000 job cuts in Germany unavoidable. NSN staff in Germany have reacted with outrage.

The telecoms equipment vendor has had to battle losses since it was founded in 2007 and is slogging through a price war with rising Chinese rivals such as Huawei (002502.SZ: Quote).

NSN is cutting 20,500 of its overall 74,000 jobs, and Kaeser acknowledged it had no choice but to consolidate. He said NSN's restructuring was not a matter of requiring more money because it already had enough capital and liquidity.

(Reporting by Georg Merziger in Berlin and Martin Zwiebelberg, Writing by Michael Shields; editing by James Jukwey)

 
Employees of Nokia Siemens Networks (NSN) demonstrate in front of the German headquarters of NSN against job cuts in Munich February 1, 2012. REUTERS/Michael Dalder