Siemens light bulb unit shedding 4,700 more jobs
The move is an attempt to save costs and phase out older technologies at its Osram division.
BERLIN—German industrial conglomerate Siemens AG’s light bulb unit, Osram, is cutting 4,700 additional jobs in its drive to save costs and phase out older technologies.
Company spokesman Stefan Schmidt told The Associated Press the cuts come on top of others previously announced, for a total of at least 7,300 reductions through 2014. Osram currently has about 39,000 employees worldwide
The restructuring plan includes shuttering some sites outside Germany, and opening a new LED-assembly plant in China that is expected to add 1,700 jobs by 2017.
Siemens said this week that it plans to shed its majority stake in Osram via a spinoff to shareholders, but will retain 17 per cent and another 2.5 per cent through Siemens Pension Trust. It hasn’t set a date for the move.