Siemens AG said in mid-June that its spin-off listing of OSRAM lighting business will be implemented on July 8.

Peter Loescher who is the CEO of Siemens AG and Joe Kaeser Mentioned who is the Chief Financial Officer of Siemens AG mentioned in a note to investors have confirmed the date. It is reported that Siemens will spin off Osram business on July 8 when the shares of Osram Siemens held will be reduced to 17%. The initial public offering (IPO) is 32 million Euros, equivalent to that Siemens AG spins off 80.5% of Osram stake.

In last November, Osram of Siemens announced massive layoffs and restarted the spin-off plan. In the latest note to investors, Siemens estimates that LED lighting will take up 45% of the global lighting market by 2016, about 99 billion Euros, the share will rise to 66% by 2020, which is about 113 billion Euros of market.