BERLIN (Reuters) - Germany's Continental and Osram are planning to set up a joint venture to develop lighting products for the automotive industry, Wirtschaftswoche reported on Wednesday, citing unnamed sources.
Osram wants to submit parts of its automotive lighting business to the joint venture while Continental will bring in electronic control systems, the weekly magazine said in an advance release to be published in its Friday edition.
The joint venture will start early next year, employ about 1,500 workers and have both companies submit operations worth between 200 million euros ($228.32 million) and 300 million euros of sales each to the new business, the magazine said.
Continental and Osram both declined comment.
(Reporting by Andreas Cremer and Irene Preisinger, editing by David Evans)