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German lighting firm Osram to cut more jobs -CEO
June 11, 2014 / 6:26 AM / in 3 years

German lighting firm Osram to cut more jobs -CEO

June 11 (Reuters) - German lighting maker Osram Licht AG will cut more jobs and could sell factories as it seeks to keep up with a shift in technology, its chief executive told a German newspaper.

“There will be further capacity adjustments in the traditional lighting business. Job cuts are a regrettable but necessary part of that,” Wolfgang Dehen was quoted as saying in an interview published on Wednesday in the Sueddeutsche Zeitung daily.

Under its current cost-cutting programme, dubbed “Push”, Osram is 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 ($1.63 billion).

Sueddeutsche Zeitung quoted Dehen as saying Osram would review its remaining sites around the world “according to market development and competitiveness”.

Dehen also said he was working on a new medium to long-term strategy, to be called “Osram 2019”, which he aims to present by next year.

Osram, the world’s No.2 lighting maker after Philips , is scrambling to adjust to a shift from traditional light bulbs to newer technologies such as light-emitting diodes (LEDs).

$1 = 0.7345 euros Reporting by Maria Sheahan; editing by Jason Neely

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