Nokia Siemens Networks announced Thursday that the company will lay off up to 450 workers in Finland in a move to cut costs, according to Associated Press.

The job cuts are part of company plans to cut 5,700 jobs internationally to annually save euro500 million ($682 million) by 2011.

The mobile network equipment maker, which is a joint venture between Finland's Nokia Corp. (NYSE: NOK) and Siemens AG of Germany, said its job cuts will mostly occur in network support services.

Nokia Siemens has reduced five business units to three and plans to strengthen its business through partnerships and acquisitions.

The savings program could include cutting up to 9 percent of its current global work force of some 64,000 employees.

Nokia Siemens Networks is the world's second biggest networks manufacturer after L.M. Ericsson of Sweden.

 source:transworldnews