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Nokia Slashing 4,000 Jobs by End of 2012

After posting a 1.4 billion dollar loss for the 3rd quarter of 2011, Finland's Nokia announced today its intent to layoff 4000 employees in three different countries, a process expected to be completed by year's end. These latest cuts continue the sweeping workforce reductions the company has made since 2010; with today's announced layoffs, Nokia will have connected more than 14,000 people with their unemployment counselors.

These layoffs will affect assembly plants in Mexico, Hungary and Finland, and are part of Nokia's plans to relocate the bulk of their phone assembly to facilities in Asia, ostensibly in order to be closer to components suppliers in China but most certainly also affected by Nokia's 21 percent drop in sales during 2011. The affected facilities will remain open however, but will switch to customization of assembled phones.