Nokia and Siemens Merge in 30B Venture

It was announced today that Nokia and Siemen’s will merge on a 30 Billion dollar joint venture to take on market leader LM Ericsson.

This joint venture would bring together Nokia’s network business group and Siemens carrier related operations to save 1.9 billion dollars by 2010 and reduce an estimated 9,000 jobs globally.

This is being done to provide a more reliable network, faster connections and provide more features to the end user.

Currently Nokia employs 62,000 people and Siemens employs more than 460,000.