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Ericsson cuts 2,200 Swedish staff as part of savings program

Wednesday, March 11, 2015 - 17:51

[STOCKHOLM] Swedish telecom equipment maker Ericsson said on Wednesday it would cut 2,200 positions in Sweden, mainly within R&D and Supply, as part of its latest cost cutting program.

Ericsson said in November it aimed to cut cut annual costs by around 9 billion Swedish crowns (S$1.46 billion), with full effect in 2017. This program will entail restructuring charges of around 3-4 billion crowns during 2015-2017 in total.

Ericsson usually has charges of around 2 billion crowns per year. The firm employs around 115,000 people, of which around 17,000 in Sweden.

REUTERS

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