Two German companies of Continental AG and Osram Licht AG have announced their intentions to set up a joint venture for innovative lighting technology for automotive industry, the two companies announced 6 Nov.
The Munich-headquartered 50:50 JV would operate under the name Osram Continental GmbH and is scheduled to start operation in 2018 subject to agreement on binding contracts and approval of antitrust authorities.
The idea behind the venture is to combine innovative lighting technology with electronics and software to develop, manufacture and market intelligent lighting solutions for the automotive industry. Sales target for the JV is in “mid-triple-digit-million-euro” range with around 1,500 employees in 17 locations, the companies added.
Osram would be transferring its automotive Solid State Lighting (SSL) module business over to the joint venture while the Hanover-based Continental would be incorporating its light control business from the Body & Security business unit.
This would lead Osram Continental to combine semiconductor-based lighting modules, advanced electronics, optics and software expertise with access to sensor technology and innovative light sources.