Continental, Osram Licht to Form Joint Venture

By Pietro Lombardi Features Dow Jones Newswires

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.

Continue Reading Below

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.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

November 06, 2017 13:33 ET (18:33 GMT)