July 29, 2014 / 6:11 PM / 3 years ago

Osram to cut almost 8,000 jobs in switch to LED

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BERLIN, July 29 (Reuters) - 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 2017.

"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 William Hardy)

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