Siemens To Spin-off Osram
Siemens will spin off its lighting unit Osram in early next year, says chief executive Peter Loescher
Germany-based industrial conglomerate, Siemens, has shelved plans to float its lighting business, Osram, on the stock market and instead will spin off the company early next year.
Talking at his third quarter earnings conference call, chief executive, Peter Loscher, said: “Since market conditions continue to be volatile for an IPO, we have decided to pursue a spin-off to our shareholders as the most probable part of divestiture."
“This proposal requires shareholder approval at the next AGM in [early] 2013, and Siemens still intends to remain as anchor shareholder in Osram," he added.
The company's net profit of Euro 823 million, missed analysts' estimates of Euro 1.32 billion, due to an accounting charge relating to Osram.
Loscher warned demand from China was slowing and said he doesn't expect recovery until 2013 at the earliest.
“Our focus above all is on increasing our productivity and efficiency," he added.
Osram Opto Semiconductors is the optoelectronics subsidiary of Osram, manufacturing optoelectronic semiconductor components including LEDs and high power laser diodes.
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