The joint venture between Swedens LM Ericsson and Japans Sony Corp. will consolidate product development operations by closing sites in Research Triangle Park; Seattle; Miami; San Diego; Kista, Sweden; and Chennai, India, spokeswoman Stacy Doster said.
The site closures are new elements of a plan announced in April to cut a worldwide staff of 10,000 by 20 percent, Doster said. About 400 jobs have been cut since then and about 1,600 remain to meet that goal by the middle of next year, she said.
The cost-cutting follows the loss of 2,000 jobs last year.
The 8-year-old company has about 425 workers left in [...]

In his ruling Tuesday, U.S. Bankruptcy Judge Kevin Gross in Wilmington, Del., said he was satisfied that the assets were being sold at a fair price and that both Nortel and its creditors will benefit. The Ontario Superior Court of Justice in Toronto also approved the deal.
The rulings may not be the final word in the tumultuous saga that has seen the former Canadian technology darling fall from atop Canadas business world to be sold off in chunks out of creditor protection. The Canadian government still could block the sale.
Before the decisions were handed down, vocal [...]

Net income plunged 56 percent to 831 million kronor ($111 million), or 0.26 krona a share, from 1.9 billion kronor, or 0.59 krona, a year earlier, Stockholm-based Ericsson said today in a statement. Analysts had anticipated profit of 2.1 billion kronor, the average estimate compiled by Bloomberg.
The companys joint ventures, ST-Ericsson and Sony Ericsson Mobile Communications Ltd., posted quarterly losses. ST- Ericsson, a venture with chipmaker STMicroelectronics NV, reported a second-quarter net loss of $213 million yesterday. Sony Ericssons second-quarter net loss was 213 million euros [...]

The second-quarter net loss was 213 million euros ($300 million), smaller than analysts anticipated, compared with net income of 6 million euros a year earlier, the company said in a statement today. Sales fell 40 percent to 1.68 billion euros, missing analysts estimates.
Sony Ericsson announced three cost-reduction programs and carried out 2,350 of 4,000 announced job cuts in the past year as it adjusted to falling prices and sales. Cash flow has been negative since the beginning of 2008, and Ericsson has said it will support [...]

The handset maker added a year to its sponsorship, Aldo Liguori, who oversees the London-based companys global communications, said in an interview. Sony Ericsson Mobile Communications Ltd., the mobile-phone venture between Sony Corp. and Ericsson AB, is three years through the original four-year backing of the event.
The company uses Miami to promote specific telephones and accessories. The tournament, a mens and womens event with $4.5 million in prize money for each, is one of the most lucrative on both tours. Britains Andy Murray and Victoria Azarenka [...]

Net income declined to 1.72 billion kronor ($214 million), or 0.54 krona a share, from 2.65 billion kronor, or 0.83 krona, a year earlier, Ericsson said today in a statement. Revenue rose 12 percent to 49.6 billion kronor. Analysts predicted profit of 1.43 billion kronor on revenue of 50.8 billion kronor, according to the average estimates compiled by Bloomberg.
Ericsson is cutting 5,000 jobs this year at a cost of 6 billion kronor to 7 billion kronor as it anticipates spending cuts by telecommunications companies. Chief Executive [...]

Financial difficulties at Nortel Networks Corp. and Motorola Inc. have helped Ericsson boost its market share in all regions, Svanberg said in an interview in New York yesterday.
Ericsson, which hasnt reported a loss since 2003, has been unaffected by the recession because carriers are maintaining spending on new equipment, Svanberg said. Nortel, which filed for bankruptcy protection in January, posted a wider fourth-quarter loss this week. Motorola lost $3.6 billion in the period.
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