June.25, 2019 - 15:40 — YiningChen 139 pageviews
Osram moved a step forwards to its transformation to a high-tech company by selling its Siteco luminaires business to Stern Steward Capital, the investment arm of Stern Steward & Co. based in Munich.
According to Osram, “Separation from Osram gives Siteco entrepreneurial freedom,” and Stern Stewart Capital will continue the current transformation approach. Despite that the financial details of the transaction were not reveaLED by both parties, Osram noted that its cost situation would also be improved with the elimination of previous Group structures.
Osram announced its plan to sell its luminaires business in 2018 and had sold the lamp business unit LEDVANCE in 2017. By axing its lighting business, the company aims to become a high-tech photonic company.
Stern Stewart Capital was founded by partners of the renowned strategic consultancy Stern Stewart & Co., who has been supporting Osram on various projects since 2016, and on Siteco in connection with its transformation process since 2017.
“Stern Stewart will be undertaking an entrepreneurial role and offers Siteco and its employees good prospects”, said Olaf Berlien, CEO of OSRAM Licht AG. “In this way, we can ensure strategic and operational continuity for Siteco, while Osram continues to sharpen its profile as a photonics champion.” From Stern Stewart Capital’s point of view, Siteco stands for innovative lighting technology engineered and made in Germany. “We are looking forward to providing entrepreneurial support to the highly motivated Siteco team and management", said Markus Pertl, Managing Partner of Stern Stewart Capital.
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