Continental AG (CON.XE) and Osram Licht AG (OSR.XE) said Monday they plan to form a joint venture to produce intelligent lighting solutions for the automotive industry.
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The two companies will have a 50% stake each in the joint venture, whose name will be Osram Continental GmbH. The company will have its registered office in the Munich region.
"The aim is to generate annual sales in the mid-triple-digit million euro range," the company said. The new joint venture will operate as a stand-alone company and will have a workforce of about 1,500 employees. It is expected to start in 2018.
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(END) Dow Jones Newswires
November 06, 2017 13:33 ET (18:33 GMT)