Ericsson to cut 1500 jobs in Sweden amid downturn

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Ericsson to cut 1500 jobs in Sweden amid downturn
Swedish telecom equipment maker Ericsson announced on Wednesday that it intends to shed 1,550 jobs in Sweden in an effort to boost profits.

The company had told investors on Tuesday that it would take action to improve profitability which had suffered from the signature of contracts offering low margins but increased market share.

The cuts, amounting to 9.0 percent of staff in Sweden, would fall widely, affecting people in sales, administration, research and development and procurement, but the networks division would be hardest hit, the company said.

The group employs 17,768 people in Sweden. Worldwide, the cuts amount to 1.5 percent of total staff of 109,214.

Ericsson said that it had not determined the timetable but that talks with staff representatives had begun.

The group also said that it would reduce sharply the number of consultants and temporary staff.

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