Mobile telecoms equipment maker Ericsson plans to close the last of its Swedish manufacturing sites as part of planned savings, cutting about 3,000 jobs, according to a Swedish newspaper. David Pollard reports.
It was a long climb to the top for Ericsson. Staying there has proved the bigger challenge. The Swedish mobile telecom gear maker struggling against rivals Nokia and Huawei ... Amid slower demand from Russia, Brazil, Nigeria and other key markets. And now - another dent - to its domestic pride ... Reports suggesting it may be about to close its last manufacturing in Sweden - three thousand jobs to go. It wouldn't confirm the reports - but says it is to reduce its 120,000 staff worldwide - local workers not excluded. One who's already gone is CEO Hans Vestberg. He stepped down in July - just as Ericsson said it would step up cost cuts already announced in 2014. Seven consecutive quarters have seen declining sales. After a 140-year company history there, Ericsson's Swedish saga might be heading for its final chapters.