Reuters: Technology News: Ericsson closes telecom cable manufacturing facility

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Ericsson closes telecom cable manufacturing facility May 21st 2013, 13:39 Tweet Share this Email Print Related News Ericsson keeps network turnaround hopes alive Wed, Apr 24 2013 The exterior of Ericsson's headquarters are seen in Stockholm April 30, 2009. Credit: Reuters/Bob Strong STOCKHOLM | Tue May 21, 2013 9:39am EDT STOCKHOLM (Reuters) - Ericsson announced on Tuesday plans to shut its telecom cable manufacturing facility in Sweden and would take a 500 million Swedish crown ($75 million) charge as a result. The company said it had given notice of a reduction of 354 positions. It said the market for copper cable had declined while fiber cable demand had grown over the last years, with production shifting towards Asia. "There is overproduction on the cable market in Europe," Tomas Qvist, head of Special Products in business unit Networks, said in a statement. "Unfortunately, our production has not been operating at full capacity for a long time and has struggled with profitability." (Reporting by Mia Shanley) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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