Nokia Siemens Networks said Tuesday it will lay off up to 5,700 workers globally as part of a move to cut annual costs by euro500 million ($740 million).
The mobile network equipment maker — a joint venture between Finland’s Nokia Corp. and Siemens AG of Germany — said it will reduce its five business units to three by January, and strengthen its business through partnerships and acquisitions.
The savings program could include cutting 7 to 9 percent of its current global work force of some 64,000 employees, the mobile network equipment maker said.



