Osram Continental commences worldwide business activities

Osram Continental, with headquarters in Munich, Germany, will initially employ approximately 1'500 people across 16 locations worldwide. The company plans to move the headquarters to Garching, Germany, within the next year. The joint venture aims to generate annual sales in the mid-triple-digit-million-euro range. Continental and Osram each hold a 50 percent stake in the joint venture, which is fully consolidated through Osram. Osram Continental is planning for growth rates of up to double digits annually for the next five years. This is based on strong growth in the market for LEDs, as well as laser-based lighting modules and solutions, and associated electronics, a press release states The initial products from the joint venture are expected to be ready for series production by 2021. Dirk Linzmeier, CEO of Osram Continental, has high expectations for the start of the joint venture. “Over the past few months, we have laid down a number of milestones, allowing us to create a new company that will revolutionize the future of automotive lighting. Building on these fundamentals, Osram Continental will 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. Furthermore, with our team of experts from both companies, we will increase the efficiency, innovation and integration of our products. I am looking forward to collaborating with our new colleagues to develop exciting, game-changing products,” said Harald Renner, CFO and member of the general management of Osram Continental GmbH.