VIENNA, June 26 (Reuters) - The cost for lighting group Zumtobel of closing two magnetics plants in Austria and Australia would be 10-15 million euros ($13-20 million), the company’s chief executive told Reuters.
“These are plants in a technology where we have been saying for some time that the technology has no chance of survival,” Harald Sommerer said in a telephone interview on Wednesday. “We calculate the costs at 10 to 15 million euros.”
Zumtobel said on Tuesday it was withdrawing from magnetics. It said it would close a plant in the Austrian province of Styria and might close another site in Melbourne, Australia, if a potential investor did not come through.
$1 = 0.7649 euros Reporting by Angelika Gruber; Writing by Georgina Prodhan; Editing by Mark Potter