FRANKFURT, July 29 German lighting maker Osram
Licht AG is planning a new savings programme that will
include several thousand job cuts as it seeks to keep up with a
shift in technology, a German magazine reported on Tuesday.
The programme - dubbed "Push II" - will target low
three-digit million euros in annual savings by the end of 2017,
weekly business magazine Wirtschafts Woche said in its online
Osram, which is due to publish quarterly financial results
on Wednesday, has been scrambling to adjust to a shift from
traditional light bulbs to newer technologies such as
light-emitting diodes (LEDs).
A new savings drive would succeed its current "Push"
programme, which has involved cutting 8,700 jobs, or 21 percent
of its workforce, and closing a quarter of its 43 factories to
generate gross savings of 1.2 billion euros ($1.6 billion).
"Push" runs out at the end of this year, and Osram Chief
Executive Wolfgang Dehen already said last month that more cuts
in the traditional lighting business would follow, though he did
not say at the time how many jobs could go.
Wirtschafts Woche said the new programme would affect
primarily Osram's sites in Berlin and the southern German city
Osram shares were up about 0.9 percent at 1030 GMT, compared
with a 0.2 rise in Germany's blue-chip index.
($1 = 0.7443 Euros)
(Reporting by Maria Sheahan; editing by Jane Baird)