Osram completes acquisition of Novità Technologies
Effective Oct. 4, 2016, Osram, a leading global lighting and technology company, has successfully completed the acquisition of Novità Technologies, a U.S. manufacturer of automotive LED modules which are used primarily in tail lights, fog lights and daytime running lights. With this move, Osram will further expand its position in the U.S. 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.
With the acquisition of Novità Technologies, Osram is pushing forward its strategy of technology and innovation. The global market for LED modules for front and rear lights is forecast to increase by an average of 20 percent per year by 2020. Novità Technologies is very well positioned in this sector, particularly in the U.S., and is therefore an excellent addition to Osram in terms of both the regional market and the LED automotive portfolio for project and system business. 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.”
Novità Technologies, which was founded in 2007 as an asset management buyout, has recorded rapid and successful growth in the last three years and has a high level of engineering and manufacturing experience, specifically in the LED module business.
ABOUT OSRAM
OSRAM, based in Munich, is a global leading lighting manufacturer with a history dating back more than 100 years. The portfolio ranges from high-tech applications based on semiconductor technology, such as infrared or laser lighting, to smart and connected lighting solutions in buildings and cities. OSRAM had around 33,000 employees worldwide at the end of fiscal 2015 (September 30) and generated revenue of almost €5.6 billion in that fiscal year. The company is listed on the stock exchanges in Frankfurt and Munich (ISIN: DE000LED4000; WKN: LED 400; trading symbol: OSR). Additional information can be found at www.osram.com.
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