“Siemens AG (SIE) announced plans to eliminate an additional 4,700 jobs at its Osram lightingsubsidiary to reap 1 billion euros ($1.3 billion) in cost savings as the market for traditional light bulbs shrinks.
The job cuts, which are focused primarily outside Germany, come on top of 1,900 positions that Osram already reduced in fiscal 2012, the company said today in a statement. In total, the job losses at Osram will amount to about 7,300 positions. The measures will cost a “mid-three digit million figure” through 2014, with the savings realized in full a year later.”
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