Osram backs AMS takeover as auto downturn triggers 2019 loss

“In the fiscal year ended in September Osram posted a 343 million euros ($377.99 million) net loss, down from a 188 million euros profit in the year-earlier period” writes Midwest Communications Inc for Osram said job cuts, efficiency measures and costs related to the takeover resulted in charges of 131 million euros.FRANKFURT (Reuters) – Osram urged shareholders to back a $5 billion takeover bid from Austria’s AMS and said it would cut costs and not pay a dividend as it posted a loss for the fiscal year ending in September, hit by a downturn in the auto industry.

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