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Siemens unit Osram sees 2013 loss on restructuring costs
December 7, 2012 / 3:00 PM / 5 years ago

Siemens unit Osram sees 2013 loss on restructuring costs

FRANKFURT, Dec 7 (Reuters) - German lightbulb maker Osram, which is being spun off from Siemens in the spring, said it expects restructuring costs to cause a full-year loss in 2013, though the loss will be smaller than in 2012.

The firm, the world’s No.2 lighting company after Philips , announced last week that it will cut another 4,700 jobs, or 12 percent of its workforce, and sell factories to save 1 billion euros ($1.30 billion) over three years.

Siemens plans to give 80.5 percent of Osram to its shareholders, keeping 17 percent of the business, which has a book value of 2.32 billion euros. ($1 = 0.7700 euros) (Reporting by Maria Sheahan)

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