Light bulb maker Osram, part of Siemens, said plants producing products at the end of their product life cycle or smaller plants with lower sales would face closure.
Advertisement
Changes in Lighting Sector
Osram quoted a study on the lighting sector by McKinsey which estimated the total market to grow by roughly 5% per year between 2011 and 2016 and the market volume for LED is expected to rise to 37 billion euros by 2016 from nine billion euros last year.
Over the same period, the market volume of traditional products would decrease by 15%, McKinsey estimated.
On Wednesday, parent company Siemens said it would spin off 80.5% of its lighting unit Osram with a view to proceeding with the long-planned stock market listing of the subsidiary later.
Copyright Agence France-Presse, 2012
