After revealing its sluggish business performance, Osram announced that it will strengthen its automotive business by acquiring aftermarket specialist Ring Automotive.
With the acquisition, Osram plans to expand its aftermarket portfolio and reach end customers via the distribution channels of Ring Automotive in the UK. In addition, Ring’s specialization in electronic car accessories complements Osram’s product range.
Moreover, Osram will give the ring portfolio access to the US market via the established Osram Sylvania channels and opens up new sales potential in Europe and the rest of the world with a differentiated brand strategy.
George Skalski, Managing Director of Ring Automotive said, “We look forward to working alongside Osram and believe that the transaction is very positive news for all of our colleagues and customers. The acquisition secures continued investment in the business, which will support our future growth plans and our leading-edge product innovation.”
The sale price and financial details of the transaction were not revealed as agreed by both parties
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