Siemens unit Osram sees 2013 loss on restructuring costs
FRANKFURT (Reuters) - German lightbulb maker Osram, which is being spun off from Siemens (SIEGn.DE) in the spring, said it expects restructuring costs to cause a full-year loss in 2013, though the loss will be smaller than in 2012.
The firm, the world's No.2 lighting company after Philips (PHG.AS), announced last week that it will cut another 4,700 jobs, or 12 percent of its workforce, and sell factories to save 1 billion euros ($1.30 billion) over three years.
Siemens plans to give 80.5 percent of Osram to its shareholders, keeping 17 percent of the business, which has a book value of 2.32 billion euros. ($1 = 0.7700 euros)
(Reporting by Maria Sheahan)
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