The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Electrical Equipment 27.4 - Manufacture of electric lighting equipment
700 jobs Number of planned job losses
Announcement Date
27 September 2020
Employment effect (start)
27 September 2020
Foreseen end date
1 September 2021
Description
As announced on 27 September 2020, the German lighting company Osram will be cutting approximately 700 jobs in Germany by September 2021 due to internal restructuring. The company was acquired by Austrian sensor company Ams this year. The job reduction is part of a major restructuring with the intention of reducing the number of Osram employees worldwide to approximately 20,000 by 2025; the company employed nearly twice that number a few years ago. Osram intends to cut 700 of 5,600 jobs in Germany. After losses of €345 million in 2019 and expected losses of €254 million for 2020, Osram indicates its intention to be profitable by 2025. As of today, there is no information on the location of job cuts available. Furthermore, management has yet to announce how it intends to implement the job reduction.
Sources
27 September 2020: Die Welt (online) (www.welt.de)
Eurofound (2020), Osram, Merger/Acquisition in Germany, factsheet number 101959, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/101959.
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