VIENNA, June 25 (Reuters) - Austrian lighting firm Zumtobel is to withdraw from the magnetics sector at the end of 2013 because of incoming European Union restrictions on inefficient magnetic technology.
Zumtobel said it would close a production site in the Austrian province of Styria, which employs 102 people, and was in intensive discussions with a potential investor in its other magnetics site - in Melbourne, Australia - which employs 49.
The company’s revenues from the sale of magnetic ballasts fell 60 percent last year to 35 million euros ($46 million). Zumtobel said on Tuesday the move would allow its Tridonic brand to focus more strongly on LED technology.
$1 = 0.7637 euros Reporting by Georgina Prodhan; Editing by Michael Shields