Wednesday, July 30, 2014

Well here's 7800 people who will no longer be contributing to GDP


Osram Cuts 7,800 Jobs as Traditional Bulb Sales Decline - Bloomberg

Osram AG, the world’s second-biggest lighting company, will cut an additional 7,800 jobs to safeguard earnings amid a faster-than-expected decline in sales of traditional bulbs.
The lay-offs will help Osram save 260 million euros ($349 million) in annual costs through 2017, the Munich-based company said in a statement yesterday. The new cuts add to an older plan to scrap 8,700 positions by the end of this fiscal year. The company had 35,108 employees as of Sept. 30.
 

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