Osram and Continental has announced intentions to establish a joint venture to develop, manufacture and market intelligent lighting solutions for the automotive industry.
The global joint venture will operate under the name Osram Continental GmbH and have its registered office in the Munich region.
Osram and Continental will each have a 50 per cent stake in the joint venture.
The aim is to generate annual sales in the mid-triple-digit-million-euro range with a workforce of around 1,500 employees and 17 locations worldwide.
OSRAM CEO, Dirk Linzmeier and Continental CFO, Harald Renner have been named as designated managing directors.
The joint venture is scheduled to start in 2018 subject to final agreement on the binding contracts and antitrust approvals.
Osram will be transferring its automotive solid state lighting module business over to the joint venture.
Continental will be incorporating its light control business from the body and security business unit.
The joint venture will operate on the market as a standalone company.
Stefan Kampmann, CTO of the Osram Licht AG, said: “Continental’s expertise in software and electronics is the perfect complement to our technology leadership in automotive lighting.
“It will create a forward-looking company for digital automotive lighting.”
Helmut Matschi, member of the Continental executive board, said: “The pace of innovation in the automotive industry lighting segment is rapid, and software is strengthening this dynamic.
“While conventional lighting expertise remains important to our customers, the addition of electronics to enable new light functions is taking on increased significance.
“The joint venture will systematically combine these two areas and raise them to a new level.”
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