Friday, November 30, 2012 6:30 am
Light bulb maker Osram cutting 4,700 jobs
The Associated Press
Company spokesman Stefan Schmidt told The Associated Press on Friday the cuts come on top of others previously announced, for a total of at least 7,300 reductions through 2014. Osram currently has some 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 percent and another 2.5 percent through Siemens Pension Trust. It hasn't set a date for the move.