OSRAM Continental will initially employ around 1,500 people at 16 locations worldwide, basing its headquarters in Munich, Germany. The joint venture aims to generate annual sales in the mid-triple-digit-million-euro range. Continental and Osram each hold a 50% stake in the joint venture, which is fully consolidated in the case of Osram.
OSRAM Continental is planning growth rates of up to double digits annually for the next five years. The first products to be developed by the joint venture are expected to be ready for series production by 2021.
“Over the past few months, we have laid down a number of markers, which will allow us to create a new company that will rethink the future of automotive lighting,” said Dirk Linzmeier, CEO of OSRAM Continental. “Building on these strong roots, OSRAM Continental will enable us to provide a significant boost to the market.”
“By launching our joint venture, we are generating confidence that the market for intelligent automotive lighting will continue to grow and be viable,” added Harald Renner, CFO and member of the general management of OSRAM Continental GmbH.
The market for vehicle lighting in the automotive industry is currently in a period of transition as it moves towards semiconductor-based lighting technologies. Software and electronics are becoming increasingly important and influential. Continental and Osram are therefore combining their strengths in each of these areas and developing state-of-the-art headlamp modules and solutions for tail and interior lighting for automotive manufacturers and suppliers.