Ericsson Telecom AB has admitted that it faces major changes following a report in the Swedish daily Dagens Nyheter that 10,000 jobs will be axed. While it did not deny the report, the company said a statement would be made as soon as possible on discussions currently underway on the continued change program which has been underway for the past two years. Ericsson said the pace of technological development meant that the hardware content of products has been sharply reduced while price pressure and competition in deregulated markets have underlined the need for greater efficiency. Ericsson employs 100,000 people in 130 countries.
