VIENNA, Dec 12 (Reuters) - Austrian lighting company Zumtobel plans to sell a majority stake in a plant in northern France to French industrial group Active‘Invest as it outsources manufacturing of some products to improve competitiveness, it said on Monday.
Negotiations were in an “advanced stage” with the sale hopefully to be finalised in April, a spokesman said.
Zumtobel did not expect to get any money for the French lighting plant but would book restructuring costs of 15 to 20 million euros ($16-$21 million) related to the divestiture until the end of its business year in April, he said.
The alternative to the sale would have been to close the site at Les Andelys, but the cost of closure would have been much higher, the spokesman said.
Zumtobel agreed to buy lighting from Active‘Invest over the next three years and plans to keep a 10 percent stake in the plant, the spokesman said.
All jobs at the plant would be maintained.
$1 = 0.9425 euros Reporting by Kirsti Knolle; editing by Charlotte Cooper