Layoffs news, Jan. 15 -- Ericsson on Thursday said that it plans to lay off around 1,600 employees in its Sweden unit.

In a press release, the telecoms equipment group said that the proposed layoffs were a part of the company's global initiatives to improve "cost position."

It proposed the "staff reductions in Sweden as part of measures aimed at ensuring the company's competitive position," Ericsson said in its press release.

The move will also help maintain investments critical to Ericsson's technology leadership, the company said. Additionally, the layoffs will result into the "execution of the strategy to deliver high-performing, programmable networks that enable differentiated services and new monetisation opportunities."

Ericsson...