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

[riky]

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

<p><a href="http://news.yahoo.com/osram-cut-almost-8-000-jobs-switch-led-185244183--sector.html"><img src="http://l2.yimg.com/bt/api/res/1.2/GTjC7mc2OOLltpQgMXH.Yw--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2014-07-29T185431Z_1_LYNXMPEA6S0PW_RTROPTP_2_GERMANY.JPG" width="130" height="86" alt="The logo of lamp manufacturer Osram is pictured at the headquarters in Munich" align="left" title="The logo of lamp manufacturer Osram is pictured at the headquarters in Munich" border="0" /></a>German lighting maker Osram Licht AG announced late on Tuesday plans for a new savings program that will include almost 8,000 job cuts, or around 23 percent of its staff, as it seeks to keep up with a shift in technology. It said that the extra measures would cost around 450 million euros and could result in it missing its long-term target for a reported operating profit margin of more than 8 percent in the fiscal year to the end of September, 2015. Osram 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. &quot;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,&quot; said Chief Executive Officer Wolfgang Dehen.</p><br clear="all"/>

Source: You are not allowed to view links. Register or Login