Osram, Continental Dissolve Joint Venture Business
Osram and Continental are separating their joint venture business Osram Continental, a developer of smart automotive lighting systems, and returning the business to the respective companies. The two parent companies said separation negotiations will conclude before the end of the year. The companies, in separate press releases, said the move comes in response to the influence of COVID-19 to the market environment.
The companies currently hold equal shares in Osram Continental, which was founded in 2018 and employs 1500 individuals at 14 locations around the world. Pending the approval of supervisory bodies, according to Continental, the companies will repatriate employees to either Osram or Continental. The two companies said they will remain connected as partners for the automotive industry, to design and develop lighting solutions and sources for the automotive market.
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Published: September 2020
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