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Ericsson China to Cut 5% of Staff, 2/01/09

An employee at Ericsson has revealed that the company plans to cut 150 employees, or 5% of its total Chinese workforce, before March of this year. Ericsson had previously announced plans to cut 5,000 employees worldwide.

At the same time, the employee revealed that during recent WCDMA equipment bidding held by China Unicom (NYSE: CHU; 0762.HK; 600050.SH), Ericsson obtained contracts worth RMB 15.9 bln, or 26.5% of Unicom's total orders.

Editor's Note: For more background on China Unicom's WCDMA bidding results, please see "China Unicom Finalizes WCDMA Bidding Results", MD 1/23/09 issue.

Keywords: HR 0762.HK 600050.SH bidding China Unicom CHU Ericsson telecom WCDMA 3G wireless

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