MUNICH, Nov 6 (Reuters) - Germany’s Continental and Osram plan to set up a joint venture next year to develop lighting products for the automotive industry, sources told Reuters on Monday.
The venture is expected to generate annual sales of between 400 million and 600 million euros ($695.10 million) initially, the sources said, without being more specific.
Osram and Continental both declined comment.
German media reported earlier this year that the two companies were planning to set up a lighting products joint venture, aiming to employ about 1,500 workers.
$1 = 0.8632 euros Reporting by Irene Preisinger. Additional reporting by Andreas Cremer; Editing by Susan Fenton