Siemens AG, Munich, Germany, said it plans to publicly list its lighting subsidiary Osram GmbH in the fall of 2011. The parent company intends to retain a minority stake in Osram, in which it will remain a long-term anchor shareholder.
“With the IPO, we want to give Osram complete entrepreneurial freedom to comprehensively further develop its leading competitive position in a lighting market being swept by technological changes,” said Siemens President and CEO Peter LÃ¶scher. Siemens also wants to participate in future growth in the market for new lighting technologies.
For the IPO, Wolfgang Dehen, currently a member of Siemens' managing board and CEO of its Energy Sector, has been appointed to head the Osram executive board, effective April 1, 2011. Following the transformation of Osram into a publicly listed company, he will serve as its president and CEO, said Siemens in its news release. Martin Goetzeler has resigned his position as CEO of Osram's executive board, and will become chief operating officer of Osram on April 1. Klaus Patzak, currently chief accounting officer and controller of Siemens AG, is to be the CFO of Osram.