“Stern Stewart will be undertaking an entrepreneurial role and offers Siteco and its employees good prospects,” said Olaf Berlien, CEO of OSRAM Licht AG. “In this way, we can ensure strategic and operational continuity for Siteco, while Osram continues to sharpen its profile as a photonics champion.”
Both parties have agreed not to disclose any financial details of the transaction. In the previous fiscal year, the luminaire specialist based in Traunreut, Germany, employed approximtely 900 people and generated revenue of more than €200 million. Thanks to its realignment, the company was in the black on an operational basis for the first time in years.