Wolfgang Dehen, CEO of Osram
Osram has agreed to sell its production site in Shaoxing, China, as part of its plan to save €1 billion (864.5 billion) by 2015.
The lighting manufacturer mostly produces CFLs at the factory, where it employs 2,000 workers.
The Hong Kong-based company Super Trend Lighting Group has bought the plant and will continue running it. Both companies are keeping the details of the transaction confidential.
Osram says it is already more than halfway towards its target of making 8,000 job cuts in its traditional lighting business by 2014.
Wolfgang Dehen, CEO of Osram said: “LED is the future of the lighting market, where we are already a leader today. Our focus is on profitable growth and we plan to further increase the share of LED-based revenue of our overall business.”
Last year, Osram announced it will invest more than €100 million ( 86.4 million) in the construction of an LED assembly plant in the Chinese province of Jiangsu. At the LED factory, 1,700 workers will manufacture products for the Asian market.