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German "Weekly Weekly" (Wirtschaftswoche) said on Wednesday that an anonymous source said that German auto suppliers Continental and OSRAM are planning to set up a joint venture to develop and produce automotive lighting products.
The weekly magazine released in advance the news that it should be released on Friday. OSRAM hopes to transfer part of its automotive lighting business to the joint venture, while the European continent will introduce electronic control system technology.
It is reported that the joint venture is expected to be officially opened for business early next year, and plans to employ 1,500 employees. Both companies will transfer 200 to 300 million euros of business to the new company.
Both the mainland and Osram have said that the two sides are negotiating to set up a joint venture company, but have not yet reached any commercial cooperation terms.
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