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. 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.
About the Author
Doug Chandler, Senior Staff Writer
Executive Editor
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.