Osram cuts 7,800 jobs worldwide on decline in traditional lighting
Osram saw its solid-state lighting performance grow rapidly in the third quarter and a faster than expected decline in traditional general illumination business.
Osram saw its solid-state lighting performance grow rapidly in the third quarter and a faster than expected decline in traditional general illumination business. Against that backdrop, the company announced plans to continue on its cost-cutting path in its legacy business by eliminating 7,800 jobs worldwide over a period of three years —around 1,700 in Germany and 6,100 in the rest of the world.
Osram’s LED Lamps & Systems segment recorded revenue growth of 68% in the third quarter due to the fast-growing LED demand. The segment’s EBITA margin also improved in a year-on-year comparison but was still significantly negative at around –20%. The company’s Classic Lamps & Ballasts (CLB) segment’s revenue was down 14% on a comparable basis, while the EBITA margin excluding special items fell to slightly above six percent.
Doug Chandler began writing about the electrical industry in 1992, and still finds there's never a shortage of stories to be told. So he spends his days finding them and telling them. Educationally, he's a Jayhawk with an English degree. Outside of work, he can often be found banging drums or harvesting tomatoes.
