Osram to cut 900 jobs in North America
FRANKFURT (Reuters) - German lighting maker Osram Licht AG (OSRn.DE) said it will shut down some of its lighting maintenance sites in the United States and Canada as it shifts its business away from traditional street lights to LED technology.
Osram said the restructuring at Osram Sylvania will affect around 900 staff. A spokesman declined to give staff numbers for Sylvania.
The company, which was spun off from Siemens in July, is slashing jobs and selling factories, having come under pressure to invest in LED technology to keep up with rivals.
(Reporting by Victoria Bryan; Editing by David Cowell)
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.