Osram, glabal lighting company backed by Siemens, has announced to cut jobs in Germany for further transition to LED industry.
According to Osram’s statement on Tuesday, declining volumes in the traditional lighting business due to rising LED demand and regulatory changes will lead to a reduction of about 850 domestic jobs in this field by 2014. Meanwhile, as many as 200 Osram workers may be transferred to Siemens.
Currently, Osram employs about 41,000 people worldwide, including about 10,000 in its home country. But the statement didn’t mention to take similar measures outside of Germany.
Last year, Siemens wanted to list a majority Osram stake on the stock exchange but postponed that plan due to market volatility. Chief Financial Officer Joe Kaeser disclosed earlier this month that a flotation remains on the agenda but isn't a top priority for the Munich-based conglomerate at the moment.