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 Osram to Cut 10% of German Jobs on Slowing Demand for Non-LEDs

Osram AG, the lighting business of Siemens AG (SIE), will cut about 10 percent of its employees in Germany as demand for traditional bulbs declines.

About 850 jobs will be cut through 2014, with as many as 200 additional employees moving to Siemens, Osram said in a statement today. Osram has more than 10,000 employees in the country.

“The future lies in LED and we will actively drive this structural change,” Wolfgang Dehen, chief executive officer of Osram, said in the statement. “That’s why it is important to create clearness for our employees, early on and in an open manner.”

Light-emitting diodes are taking market share from traditional light bulbs as consumer awareness for lower-energy products rises and legislation to cut energy spending takes effect. Siemens AG, Europe’s largest engineering company, shelved plans for an initial public offering of Osram on Sept. 14, following a slump in global equity markets.

Source: Bloomberg.