Zumtobel seeks partner or closure for U.S. business
FRANKFURT, April 2
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)