OSRAM, the world's leading lighting and technology company, has successfully completed the acquisition of Novità Technologies. Novità Technologies is a well-known manufacturer of automotive LED modules in the United States. Its products are mainly used as taillights, fog lights and daytime running lights. Through this acquisition, OSRAM will further expand its position in the US automotive LED market.
Hans-JoachimSchwabe, CEO of Osram Special Lighting, said, "The perfect conclusion of the transaction is an important development in our strategic decision, which not only strengthens our leading position in the field of automotive lighting, but also enriches our LED module product portfolio in automotive projects. "
Through the acquisition of Novità Technologies, OSRAM will further advance its technology and innovation strategy. It is expected that by 2020, the global LED automotive head and tail light module market will grow at a rate of 20% per year. Novità Technologies has a very important position in this field, especially in the US market. This advantage will fuel Osram's business in the local market and add to our portfolio of LED modules in automotive projects and systems. Novità Technologies will be merged into OSRAM's specialty lighting business, which includes the company's automotive lighting and professional and industrial applications markets.
"NovitaTechnologies has been a leader in the automotive LED market for several years. We are convinced that this acquisition will bring us more tools, resources and help, let us reshape the glory. We look forward to working closely with our new colleagues from OSRAM."
NovitaTechnologies current CEO Mike Incorvaia said. Mike Incorvaia will also continue to serve as the company's CEO.
NovitaTechnologies was founded in 2007 as an asset management acquisition company. In the past three years, the company has developed rapidly and successfully risen, and has accumulated rich experience in high-end engineering and production, especially the LED module business.