[ad_1]
Plastic Omnium SA reached a deal to buy AMS-Osram AG’s automotive-lighting business for 65 million euros ($72 million), a move aimed at supporting the French firm’s push into new market segments.
The companies said the transaction is expected to close in the third quarter of 2022 and didn’t comment further on integration plans, according to a statement Friday. Bloomberg News reported earlier that the companies were in late stage talks over a deal.
“The acquisition of AMLS is a unique opportunity to take an important step into the growing innovative lighting systems segment,” Laurent Favre, Plastic Omnium’s chief executive officer said.
The automotive lighting business was once part of Osram Licht AG, acquired by AMS in 2020. Bloomberg News reported at the time that AMS, a key supplier of face-recognition technology to Apple Inc., was preparing a sale of the automotive unit that makes headlamps and systems forcarmakers.
Plastic Omnium manufactures automotive body modules and fuel systems. It was one of the suitors for German vehicle parts supplier Hella GmbH last year. Hella was eventually acquired by French group Faurecia SE in a 6.8 billion-euro deal.
Based in Levallois, France, Plastic Omnium ranks No. 25 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $9.5 billion in 2020.
Source link