Osram has agreed to sell its production site which mostly produces CFLs at the factory in Shaoxing, China to the Hong Kong-based company Super Trend Lighting Group. It’s part of Osram’s plan to save €1 billion (£864.5 billion) by 2015.
 
Osram says it is already more than halfway towards its target of making 8,000 job cuts in its traditional lighting business by 2014.
 
Wolfgang Dehen, CEO of Osram said: “LED is the future of the lighting market, where we are already a leader today. Our focus is on profitable growth and we plan to further increase the share of LED-based revenue of our overall business.”
 
Last year, Osram announced it will invest more than €100 million (£86.4 million) in the construction of an LED assembly plant in the Chinese province of Jiangsu. At the LED factory, 1,700 workers will manufacture products for the Asian market.