Elcoteq to Cut 5,000 Jobs

Finnish telecom component company Elcoteq said on Jan. 15 it would slash 5,000 jobs worldwide, accounting for a quarter of its staff, and would close four factories in the U.S., Russia, Romania and China.

"The first measure is to close the plants in Arad, Romania, Richardson, U.S,. and St. Petersburg, Russia, as well as to consolidate the plant in Shenzhen, China, to the plant in Beijing," the company said.

"Elcoteq has started the process of reducing personnel at several plants globally," it said, adding that "it is anticipated that these measures together will result in personnel cuts of approximately 5,000."

Copyright Agence France-Presse, 2009