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BUCHAREST (Romania), July 4 (SeeNews) - Automotive parts supplier Continental Romania said on Wednesday that its German parent has formed a joint venture with multinational lighting devices manufacturer Osram, which has begun operations in 16 countries, including Romania.
In Romania, Osram Continental will operate in the northeastern city of Iasi, Continental Romania said in a press release.
The team in Iasi will work with teams from different international locations within the joint venture.
Osram Continental will initially hire about 1,500 people in 16 locations around the world.
The joint venture company, which is based in Munich, aims to generate annual sales in the mid-range of three figures in millions of euro. Continental and Osram each hold a 50% stake in the joint venture, which is fully consolidated in Osram's case.
Osram Continental plans annual growth rates up to two digits for the next five years, counting on expectations of a strong market for LED lighting modules as well as for associated laser and electronic lighting systems. The first products to be developed by the company will be ready for serial production by 2021.
Continental posted a turnover of 44 billion euro ($51 billion) in 2017 and currently has over 240,000 employees in 61 countries.
In Romania, Continental owns seven production units and four engineering centers in Timisoara, Sibiu, Carei, Nadab, Brasov and Iasi.
The company is also a partner of a joint venture in Slatina and has a tire distribution center in Bucharest.
Based in Munich, Osram is a world-leading technology company that has been active in the lighting products industry for over 110 years.