MUNICH (Reuters) - German lighting maker Osram Licht AG
Osram, the world's No. 2 lighting maker after Philips
It said on Tuesday it was now cutting an overall 8,700 jobs, or 21 percent of its workforce, to generate gross savings of 1.2 billion euros ($1.6 billion).
So far, only two of Osram's remaining 36 factories make LEDs - in Regensburg, Germany and Penang, Malaysia - but it is building a new plant in China at a cost of over 100 million euros to boost its presence in the fast-growing Asian market.
Meanwhile, newer players in lighting such as South Korea's Samsung Electronics <005930.KS> and Japan's Toyoda Gosei <7282.T> are grabbing market share from traditional industry leaders - Philips, Osram and General Electric
In its year to the end of September, the company, spun off from Siemens
That fell slightly short of analysts' consensus forecast of 38.2 million euros in a Reuters poll.
($1 = 0.7459 euros)
(Reporting by Maria Sheahan; Editing by Jonathan Gould)