Osram acquires German fixture company Siteco
Siemens announced that its Osram lighting unit is acquiring Siteco Lighting GmbH, Traunreut, Germany, from Barclays Private Equity. Siteco is a leading European lighting company with a worldwide workforce of 1,250 and revenue of around €220 million in fiscal year 2010. The company supplies luminaires and lighting systems for urban infrastructure such as public and commercial buildings, streets, tunnels, airports and sports stadiums.
“With this acquisition, Osram is addressing this key market. As a leading manufacturer of lighting components, we are now also further expanding our competencies in the solution business. This applies to conventional energy-saving lighting technology and in particular to LED-based luminaires and systems, where we are expecting the greatest growth”, says Martin Goetzeler, CEO of Osram. The transaction remains subject to approval by the relevant antitrust authorities. The parties have agreed to keep the purchase price undisclosed.
Siteco produces luminaires in Germany and China and has over 15 sales companies in Europe, as well as a global sales network. This acquisition therefore provides Osram with broad access to the market for lighting solutions and a modern range of products in the field of interior and exterior lighting, Siemens said.
About the Author
Doug Chandler, Senior Staff Writer
Executive Editor
Doug Chandler began writing about the electrical industry in 1992, and still finds there's never a shortage of stories to be told. So he spends his days finding them and telling them. Educationally, he's a Jayhawk with an English degree. Outside of work, he can often be found banging drums or harvesting tomatoes.