Osram announced the completion of the acquisition of Ring Automotive, a British aftermarket specialist. The acquisition was revealed in the end of January 2019.
The acquisition will allow Osram to expand its product range in the automotive sector to include more automotive electronics and accessories. After approval by the British Competitors and Market Authority (CMA) for the takeover of Ring Automotive by Osram, the partnership between the companies will officially start in May. The common goal is to respond faster and better to new trends and challenges in the constantly evolving automotive lighting industry and to achieve further growth.
(Image: Osram)
Ring's product portfolio includes automotive lighting and electronic car accessories. The British company achieved an annual turnover of £46.1 million in 2018 with approximately 3000 products available in more than 60 countries. The affiliation with Osram secures further investment for Ring, which support future growth plans and product innovation in order to continue to grow, especially in the aftermarket segment.
"In addition to expanding our aftermarket portfolio, the acquisition of Ring will enable us to tap into additional sales potential and further expand our market expertise. The aim is to use the additional market and customer access and create synergies in the product portfolio and distribution channels," says Hans-Joachim Schwabe, CEO of Osram Automotive.
