VIENNA (Reuters) - Austrian lighting group Zumtobel (ZUMV.VI) said it had no intention of withdrawing from the U.S. market and wanted to expand its presence there.
“We see the U.S. market as an excellent opportunity to significantly expand our business, especially with our premium brand Zumtobel,” Chief Executive Ulrich Schumacher said in a statement on Friday.
“Due to the competitive structures in the already consolidated U.S. market, we see the best opportunity to pursue growth in the form of a strategic partnership.”
At a capital markets day in Frankfurt on Wednesday, Schumacher had said Zumtobel had two options for the U.S. business: shut it down or look for a partner.
Reporting by Georgina Prodhan; Editing by Anthony Barker