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© mailthepic dreamstime.com Business | October 06, 2016

Osram completes acquisition of Novità Technologies

Osram has successfully completed the acquisition of Novità Technologies, a US manufacturer of automotive LED modules primarily used in tail lights, fog lights and daytime running lights.
With this move, Osram expands its position in the US automotive LED market. “The successful closing of this transaction is a further step in our strategy to strengthen our leading position in automotive lighting and to expand our LED automotive portfolio for project business,” said Hans-Joachim Schwabe, CEO of the Specialty Lighting business unit.

The global market for LED modules for front and rear lights is forecast to increase by an average of 20% per year by 2020. Novità Technologies will be part of Osram’s Specialty Lighting business, which comprises the company’s automotive lighting as well as professional and industrial application activities.

“Novita Technologies has been a leader in the automotive LED market for several years,” said Mike Incorvaia, who has been appointed and will continue as CEO of Novità Technologies. “We are confident that this move will provide us with the additional tools, resources and support we need to build on that success and we look forward to working closely with our new colleagues at Osram.”
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