Nokia Siemens Networks, the phone-equipment maker that Nokia Oyj is fully taking over, is considering reducing about 8,500 jobs to boost profitability as sales diminish. One scenario is to bring the workforce to 42,000 by the end of 2014 - a 17 percent reduction - partly through selling or shutting down plants and farming out manufacturing operations. Nokia Siemens, based in Espoo, Finland, already cut more than 20,000 jobs during the past two years as competition from Ericsson and China’s Huawei Technologies and ZTE led to falling sales. Nokia has renamed the network unit Nokia Solutions and Networks after completing the 1.7 billion-euro purchase of Siemens AG’s share in the business. The deal gives the unprofitable Finnish phone-maker full access to Nokia Siemens’s cash. Nokia Siemens is considering selling a 500 million-euro bond to help fund a dividend payment to Nokia worth about 900 million euros.
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