Acquisition of automotive firm cleared by competition regulator
The acquisition of Leeds-headquartered Ring Automotive by a German lighting group has been given the green light by the Competition and Markets Authority (CMA).
The acquisition of aftermarket specialist Ring, which last reported annual turnover of £46m, will allow Osram to expand its product range in the automotive sector to include more automotive electronics and accessories.
Hans-Joachim Schwabe, CEO of Osram Automotive, said: “In addition to expanding our aftermarket portfolio, the acquisition of Ring will enable us to tap into additional sales potential and further expand our market expertise. The aim is to use the additional market and customer access and create synergies in the product portfolio and distribution channels.”
Ring’s product portfolio extends far beyond classic automotive lighting, and the company is particularly successful in electronic car accessories. It supplies 3,000 specialist dealers in more than 60 countries.
The deal secures further investment for Ring, which supports future growth plans and product innovation in order to continue to grow. Both companies see the agreement as an opportunity for a successful European cooperation. The common goal is to respond faster and better to new trends and challenges in the constantly evolving automotive lighting industry and to achieve further growth.
George Skalski, Managing Director of Ring Automotive, added: “Being part of the Osram family offers us incredible opportunities for further global expansion. The synergies are enormous and will help us to continue our innovation leadership together. In the future, our customers will benefit from the many years of experience of both companies.”
