Siemens AG (SIE)’s underperforming Osram lighting unit agreed to sell a plant in Shaoxing,China as it streamlines operations and focuses on light-emitting diodes lamps ahead of listing its shares publicly.
Super Trend Lighting Ltd is buying the factory, which manufactures predominantly traditional lamps and has around 2,000 employees, the Munich-based company said in an e-mailed statement. It didn’t give a value for the deal. Read more at Bloomberg.