Obsolete technology? LED giant OSRAM intends to lay off 4700 people

SIEMENS, OSRAM's Osram, announced on Friday it would lay off 4700 more people as part of a restructuring plan to save the cost of $1 billion and phase out the old technology.

The company spokesman Schmidt (Stefan Schmidt) said, including the layoffs, including OSRAM at the end of 2014, a total of layoffs will be at least 7300 people. As of September 30th, OSRAM has about 39 thousand employees worldwide.

The company said it plans to close some factories outside Germany and open a new LED assembly plant in China, which is expected to add 1700 jobs by 2017.

In August this year, OSRAM announced that it would invest 250 million euros to build a LED assembly plant in Wuxi, is expected to be completed and put into operation in 2013.

SIEMENS announced on Wednesday that it plans to spin off 80.5% of OSRAM's stake in the company, which will be listed on the market, but will retain a stake in the company's stake in.

OSRAM is the world's second largest after PHILPS micro-blog. SIEMENS had planned to direct the company, but because of the difficulty of the capital market environment and gave up the plan, decided to spin it off after the listing, so affected by the capital market.