LM Ericsson Telephone Co. (ERIC: Quote) Tuesday said it has initiated union negotiations to close down its telecom cables operation within business unit Networks.
The decision primarily impacts the operations in Hudiksvall and Stockholm. A notice of reduction of 318 positions in Hudiksvall has been given, while a dialog with the unions in Stockholm for how to close down 36 positions in Stockholm has been initiated.
According to the company, as the market for copper cable has declined and the market for fiber cable has grown over the last years, the production has shifted towards Asia, where the majority of the business volumes for fiber cable are found.
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via Ericsson To Close Down Telecom Cables Operation; To Take Restructuring Charges.
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