Nokia Siemens Networks said it plans to cut 1,820 jobs in Finland and Germany, as part of its $2 Billion Euros cost-cutting programme.

The news comes one day after Canada's Nortel said it would axe 1,300 jobs as vendors try to cope with fierce competition for new business, subdued demand and falling prices.

"Continued challenging telecommunications market conditions have shown the need for further reductions," Nokia Siemens said in a statement.

Nokia Siemens said it aims to cut up to 750 jobs in Finland and close one of its sites employing 500 staff in Munich.

It said it had decided to sell a manufacturing site in Durach, Germany -- which employs some 500 employees -- to the plant's current management. It said it would also cut some 50 jobs in Egypt and 20 in the United States.

Nokia shares were down 2.8 percent at 1100 GMT, in line with a weaker sector index.

By: DocMemory
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