Nigeria: Ericsson Takes Advance Caution Against Economic Meltdown

26 January 2009

Apparently to guard against the effects of the most touted global financial meltdown, world's largest mobile network infrastructure vendor, Ericsson, may have started putting its house in order despite announcing increased percentage of year-on-year sales profit.

In its fourth-quarter results announcement last week, the company outlined plans to generate annual savings of SEK10 billion which is equivalent of US$1.2 billion, through the reduction of consultants and temporary staff, consolidation of R&D sites and other layoffs.

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