Osram recently announced the acquisition of Ring Automotive Ltd., a U.K. -based aftermarket specialist in Automotive lighting, electronics and accessories.
Hans-hans-joachim Schwabe, chief executive of Osram Automotive, said: "with the acquisition of Ring Automotive, we are further expanding our aftermarket portfolio with access to a stable distribution channel in the UK."
Ring Automotive employs 160 people and had annual sales of about 40 million pounds (352 million yuan) in 2017.
Osram is investing in the future through the acquisition of Ring Automotive, a UK company with a mature, valuable brand and a proven sales model in the Automotive aftermarket.
In addition, Ring's portfolio goes well beyond traditional automotive lighting and complements osram's portfolio.
For example, Ring is particularly successful in the field of electronic auto parts, with more than 3,000 professional dealers in more than 60 countries and about 6,000 kinds of products.
Osram Sylvania will also provide Ring products with access to the us market and unlock new sales potential in Europe and other parts of the world through its differentiated brand strategy.
George Skalski, general manager of Ring Automotive, said: "we look forward to working with osram and believe this transaction is a very positive development for all of our colleagues and customers.
"" this acquisition ensures continued investment in our business and will support our future growth plans and our leading product innovations." "
The parties, including seller Rubicon Partners, agreed not to disclose financial details of the deal, which also requires antitrust approval.