The company is facing a string of losses and shrinking customer base.
The company, a joint venture between Finnish cell phone maker Nokia and German conglomerate Siemens AG, is planning to bring down its annual operating expenses and production overheads by 500 million euros by the end of 2011.
Power systems major Siemens, the Indian subsidiary of German Siemens AG, has decided to divest its 100 per cent stake in Siemens Public Communication Networks
Loss-making Nokia gains full control of the profitable venture Nokia Siemens Networks for $2.2 billion, a cheaper than-expected price, analysts said, although they also noted the acquisition would put pressure on Nokia's balance sheet.
