German parts giants Continental and Osram have signed a joint venture based on sharing technology and expertise in automotive lighting and electronics.
The deal, in which both companies have an equal share, is set to come into effect in the second half of 2018 following approvals.
Osram Coninental GmbH as the JV will be known, will have Dirk Linzmeier from Osram as CEO and Harald Renner from Continental as CFO.
“We want to actively drive forward technological change in the lighting market within the automotive industry and develop even more innovative and intelligent lighting solutions. The joint venture will help us to establish the conditions for this since it combines our expertise in software and electronics with Osram’s automotive lighting expertise. As such, we will be able to offer our customers an unrivaled portfolio in the lighting market,” said Andreas Wolf, head of Continental’s Body & Security business unit.