Nokia Siemens Networks, the troubled telecommunications equipment maker, said it plans to cut 17,000 jobs from its global workforce of about 75,000.

The restructuring, scheduled to close by the end of 2013, is expected to reduce the company’s annual operating expenses and production costs by about one billion euros ($1.34 billion).

Based in Espoo, Finland, Nokia Siemens is a joint venture between Nokia Corp. (NYSE: NOK) of Finland and Siemens AG (NYSE: SI) of Germany.

Reportedly, the parent corporations are considering a public float of Nokia Siemens shares in order to dispose of the struggling subsidiary.

As we look towards the prospect of an independent future, we need to take action now to improve our profitability and cash generation, Nokia Siemens chief executive, Rajeev Suri, said in a statement.

We need to take the necessary steps to maintain long-term competitiveness and improve profitability in a challenging telecommunications market. Our commitment to research and development remains unchanged, with investment in mobile broadband expected to increase in coming years.”

Nokia Siemens, which received a cash infusion of one billion euros ($1.34 billion) from its parent companies in September, will simplify its operations to focus more on mobile broadband, consolidate certain locations, and eliminate more jobs from the Motorola Solutions Inc. entity that it acquired earlier this year.