The first quarter just ended and the continuously spreading coronavirus (COVID-19) has turned the world upside down in the first three month of 2020. Many companies across the world have reported their measures in response the impacts brought by the epidemic. LEDinside has collected industry information announced by worldwide companies to keep our readers updated.

Signify Suspend Financial Outlook for FY2020, Increases 3% Product Price and Asks Employees to Cut 20% Wage

The world’s largest lighting company Signify has taken several actions to cope with COVID-19. The company was the first one quitting Light + Building 2020 before the event officially announced its postponement from March to September. Signify later announced that it would not participate in the rescheduled event either.

In mid-March, Signify announced that a 3% price increase would be added to orders of all the LED and lamp products since April 1, 2020, due to the additional costs in its logistic chain. By the end of March, Signify decided to suspend its financial outlook for fiscal 2020 due to the market uncertainty.

The company also asked its employees to sacrifice 20% of their wages for the next three month starting April 1 until the end of June to reduce company cost. Signify claimed that the measure is to safeguard employment and business continuity.

(Image: Pixabay)

Automotive Lighting Manufacturers See Decline in the Automotive Market and Withdraw Business Guidance

Automotive lighting suppliers Hella and Magna reported adjustment and withdrawal of their business outlook due to coronavirus impact.

Hella is in the final quarter of its fiscal 2019/2020 but still decided to amend its business guidance. The company anticipates demand decline in the global automotive industry which will lead to drop in automotive lighting and its business is thus impacted.

Decreases in the automotive market also affect Magna, whose clients in North America and Europe have closed production sites due to the pandemic. Operations of Magna’s facilities across the world have also reduced following the restrictions ordered by government. As a result, the company decided to pull back the business outlook for 2020.

Infineon, who also targets the automotive market, withdrew its fiscal 2020 outlook as well with the expectation that its business will be affected by the decline in the end markets.

Osram does not expect to achieve its original business guidance for fiscal 2020 either, dropping the fiscal 2020 outlook in mid-March. More than 50% of the company’s sales come from the automotive market. Since the coronavirus has led to shutdowns for many leading automobile manufacturers, Osram sees a great impacts on its business.

Event Cancellation and Postponement

International lighting events across the world continue to update their status. LEDinside lists the current status of several lighting events as follows.

Current Status of International Lighting Events in 2020 (April 6, 2020)