Insolvent Hess to quit stock exchange

Insolvent Hess to quit stock exchange

German architectural luminaire maker Hess has begun insolvency proceedings in the German courts.

The outdoor lighting specialist has also applied to leave the Frankfurt stock market after a humiliating fall from grace in which company profits were allegedly overstated to ensure a successful flotation last October.

Broke Hess 'can't afford' shareholder meeting

Broke Hess 'can't afford' shareholder meeting

Humiliated German light fitting maker Hess won't be holding an extraordinary shareholders’ meeting to discuss the financial situation at the company – because it can’t afford to.

Osram axes 4,700 jobs and closes factories as industry moves to LEDs

Osram axes 4,700 jobs and closes factories as industry moves to LEDs

Osram is cutting 4,700 jobs - 12 per cent of its workforce – as part of the wider industry move away from incandescent and towards LED light sources.

The global lamps giant is closing or selling a string of factories which manufacture incandescent light sources and other older technologies in a bid to save US$1.3 billion (€1 billion) ahead of its sell-off by parent Siemens this year.

 

Controls market to double by 2017

The market for lighting controls devices in commercial buildings will double from 2010 to 2017, says IMS Research. Shipments of devices are predicted to increase from 29.6 million to 61.6 million. Most of these components will be connected ballasts that contain a connectivity technology such as Dali or ZigBee