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Nokia has announced plans to slash a further 4,000 jobs by closing down plants in Hungary, Mexico and homeland Finland. The cuts come to light as the handset manufacturer begins to shift production to Asia. As we mentioned with the previous 3,500 positions being hung up to dry, these plants have been under review since.

The cuts include 2,300 in Komarom, Hungary, 700 in Reynosa, Mexico, and 1,000 in Salo, Finland. The Finnish handset maker has had to take drastic measures to cut down costs and reach saving targets, and Salo (the oldest production facility - 1979) has not been spared from this round of job cuts.

Riku Aalto, chairman of the Finnish Metalworkers' Union, has stated that the company will look at possibly providing 12 months of training for new jobs to the fired workers, following its model of the Bochum closure in Germany, in 2008.

Source: Bloomberg