March 18, 2020 / 4:32 PM / 23 days ago

BRIEF-Osram Licht Withdraws FY Guidance Due To Coronavirus

March 18 (Reuters) - OSRAM LICHT AG:

* OSRAM WITHDRAWS FISCAL YEAR GUIDANCE

* DUE TO COVID-19 PANDEMIC, OSRAM DOES NOT EXPECT TO ACHIEVE ITS CORPORATE TARGETS FOR CURRENT 2020 FINANCIAL YEAR

* ECONOMIC IMPACT OF PANDEMIC ON OSRAM, HOWEVER, CAN NEITHER BE ADEQUATELY DETERMINED NOR RELIABLY QUANTIFIED AT THIS TIME

* PANDEMIC TO AFFECT DEMAND IN CO’S UNITS OPTO SEMICONDUCTORS AND AUTOMOTIVE, WHOSE ACTIVITIES ACCOUNTED FOR MORE THAN 50% OF OSRAM GROUP’S SALES IN 2019

* IS CONSIDERING SHORT-TIME WORKING AT LOCATIONS WHICH ARE PARTICULARLY AFFECTED, AND TEMPORARY CLOSURE OF SOME OF ITS OWN PRODUCTION FACILITIES Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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