Zumtobel sells Australian magnetics plant
VIENNA Aug 21 (Reuters) - Austrian lighting firm Zumtobel has sold its magnetics ballasts plant in Australia as part of a strategic retrenchment, it said on Wednesday, giving no financial terms for the deal.
Custom Mould Plastic Pty Ltd is buying the Melbourne factory, which makes fluorescent lighting inductors, and taking on 35 of 49 staff there, it said.
European Union restrictions on inefficient magnetic technology and falling sales were forcing it to pull out of the magnetics sector, Zumtobel said in June. (Reporting by Michael Shields; Editing by Louise Ireland)
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