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Siemens Cuts Jobs, Capitalizes Osram as Bulb Market Darkens

Siemens AG announced plans to eliminate an additional 4,700 jobs at its Osram lighting unit after it injected 699 million euros ($908 million) in capital at 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 fiscal 2012 and will help reap 1 billion euros ($1.3 billion) in cost savings as the market for traditional light bulbs shrinks, the company said today in a statement. In total, the job losses at Osram will amount to about 7,300 positions. The measures will cost a “mid-three digit million figure” through 2014, with the savings realized in full a year later.