BERLIN, July 29 German lighting maker Osram
Licht AG announced late on Tuesday plans for a new
savings programme that will include almost 8,000 job cuts as it
seeks to keep up with a shift in technology.
It said the job cuts would allow it to achieve cost savings
of around 260 million euros a year by the end of the fiscal year
"While earnings continue to develop nicely, the growing
market acceptance of LED technology is, as already announced,
causing a significantly faster decline of the traditional
business," said Chief Executive Officer Wolfgang Dehen.
It also announced third quarter results a day earlier than
planned, with sales of 1.2 billion euros ($1.61 billion) and
better than expected adjusted earnings before tax and interest
of 104 million euros.
($1 = 0.7458 Euros)
(Reporting by Victoria Bryan and Maria Sheahan, editing by