Zumtobel seeks partner or closure for U.S. business

FRANKFURT, April 2 Wed Apr 2, 2014 6:03am EDT

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FRANKFURT, April 2 (Reuters) - Austrian lighting group Zumtobel will have to find a partner for its U.S. operations or shut the business, its chief executive said at an investor presentation in Frankfurt.

"For the USA, we have two options: shut it down or look for a partner," Ulrich Schumacher said after the company announced cost-cutting measures and new mid-term profitability targets on Wednesday.

Zumtobel makes about 3 percent of its sales in the Americas.

(Reporting by Sabine Wollrab; Writing by Georgina Prodhan; Editing by Michael Shields)

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Comments (1)
trish7724 wrote:
This really stinks to have o find out this way. My husband works for the American company and just forwarded this article to me. When do they intend to let us in the loop? My husband is our main source of income and if he can’t work, I don’t know what will happen to our family. We have two small children. This is ridiculous

Apr 02, 2014 9:50am EDT  --  Report as abuse
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