BERLIN (Reuters) - Germany’s Continental (CONG.DE) and Osram (OSRn.DE) are planning to set up a joint venture to develop lighting products for the automotive industry, German business weekly Wirtschaftswoche said on Wednesday, citing unnamed sources.
Osram wants to submit parts of its automotive lighting business to the joint venture while Continental will bring in electronic control systems, the weekly magazine said in an advance release to be published in its Friday edition.
The joint venture will start early next year, employ about 1,500 workers and have both companies submit operations worth between 200 million euros ($228.32 million) and 300 million euros of sales each to the new business, the magazine said.
Both Osram and Continental said they have been engaged in talks about a possible joint venture to develop products for the car industry but agreements on commercial terms have not been reached yet.
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Reporting by Andreas Cremer and Irene Preisinger, editing by David Evans