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Swedish telecom company Ericsson will lay off 8,500 workers as part of its cost-cutting measures, the company confirmed to CNBC on Friday.

Reuters previously reported on the layoffs, which will affect roughly 8% of its staff of 105,529 worldwide. The company employs approximately 11,994 people in North America, according to its website.

An Ericsson spokesperson said the cuts were part of an “acceleration of efforts to reduce structural costs” announced during the company’s Dec. 15 capital markets day. The spokesman said most of the layoffs would take effect in the first half of 2023, but they could also extend into 2024.

“The manner in which staff reductions will be handled will differ depending on local practices in the country,” the spokesperson said in a statement. “Our goal is to manage the process in each country with fairness, respect, professionalism and in line with local labor laws. Any impact on employees will be communicated to them first.”

The company is aiming for 9 billion Swedish kronor, or about $860 million, in cost reductions by the end of 2023. Ericsson said it expects to start seeing the impact of its cost savings in the second quarter of this year.

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