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.
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.
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"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)