The underperforming Osram lighting division of Siemens AG (DE-SIE), which was listed on the mainland, wanted to streamline its business and focus on LED lights before listing.
In an e-mailed statement, Siemens said that Zhuo Ming Electronics will acquire the factory, which manufactures traditional light bulbs and has about 2,000 employees. Siemens did not disclose the price of this transaction.
Osram is trying to get more growth in the industry from traditional light bulbs to LED lights, so plans to cut up to 8,000 people and sell factories as part of the layoffs plan. At the same time, Siemens invested 100 million euros ($130 million) to build a new LED assembly plant in Jiangsu Province.
OSG Executive Wolfgang Dehen said on March 7th: "This sale represents another milestone in the company's restructuring. We will focus on profitable growth and plan to further increase the proportion of LEDs in overall business revenue. Siemens recognizes that it is too expensive to catch up with the investment in the lighting equipment market. As a result, the plan to cancel Osram's public listing last year was approved. Shareholders agreed to split Osram in January this year.
In an e-mailed statement, Siemens said that Zhuo Ming Electronics will acquire the factory, which manufactures traditional light bulbs and has about 2,000 employees. Siemens did not disclose the price of this transaction.
Osram is trying to get more growth in the industry from traditional light bulbs to LED lights, so plans to cut up to 8,000 people and sell factories as part of the layoffs plan. At the same time, Siemens invested 100 million euros ($130 million) to build a new LED assembly plant in Jiangsu Province.
OSG Executive Wolfgang Dehen said on March 7th: "This sale represents another milestone in the company's restructuring. We will focus on profitable growth and plan to further increase the proportion of LEDs in overall business revenue. Siemens recognizes that it is too expensive to catch up with the investment in the lighting equipment market. As a result, the plan to cancel Osram's public listing last year was approved. Shareholders agreed to split Osram in January this year.
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