Siemens to cut 4700 jobs in Osram unit

Siemens AG (SIE) plans to eliminate an additional 4,700 jobs at its Osram lighting unit after it injected US$ 908 million in capital into the subsidiary it is preparing to spin off next year. The job cuts, primarily outside Germany, come on top of 1,900 positions that Osram already reduced in 2012, and will result in US$ 1.3 billion in cost savings as the market for traditional light bulbs shrinks, the company said in a statement. In total, the job losses at Osram will amount to about 7,300 positions.