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German lighting maker Osram Licht AG announced late on Tuesday plans for a new savings program that will include almost 8,000 job cuts, or around 23 percent of its staff, as it seeks to keep up with a shift in technology. It said that the extra measures would cost around 450 million euros and could result in it missing its long-term target for a reported operating profit margin of more than 8 percent in the fiscal year to the end of September, 2015. Osram also announced third quarter results a day earlier than planned, with sales of 1.2 billion euros ($1.61 billion) and better than expected adjusted earnings before tax and interest of 104 million euros. While earnings continue to develop nicely, the growing market acceptance of LED technology is, as already announced, causing a significantly faster decline of the traditional business, said Chief Executive Officer Wolfgang Dehen.