Zumtobel announced plans of slashing 600 jobs, about 8 percent of its workforce to double operating profit margin by 2016 to 2017 and stay competitive against Asian manufacturers, according to a Reuters report.
The organization slim down will be done gradually over several quarters by merging certain plants and sales operations, said Zumtobel CEO Ulrich Schumacher.
According to Schumacher the restructure will help boost the company’s margin for adjusted earnings before interest and tax (EBIT) from 4 percent to 5 to 6 percent in 2014 to 2015, and 8 to 10 percent by 2016 to 2017.
Estimated restructuring costs will reach EUR 15 to 20 million (US$ 21 to $26 million) in the fourth quarter ending in April 2014.
Like other European rivals Osram and Philips, Zumtobel is struggling against competing Asian companies including Samsung Electronics and Toyoda Gosei who are unburdened by legacy lighting operations.
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