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Osram sells luminaires unit to Stern Stewart Capital

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Osram sells luminaires unit to Stern Stewart Capital
FILE PHOTO: Logo of lamp manufacturer Osram is pictured during official opening of the company 'World of light' showroom in Munich, Germany, October 24, 2017. REUTERS/Michaela Rehle   -   Copyright  MICHAELA REHLE(Reuters)
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FRANKFURT (Reuters) – German lighting group Osram on Tuesday said it had sold its luminaires unit Siteco to the investment arm of strategic consultancy Stern Stewart & Co for an undisclosed sum.

Siteco, which turned a profit and made sales of more than 200 million euros (£179 million) in the last financial year, will not pay dividends to Stern Stewart Capital in the next years, Osram said.

(Reporting by Christoph Steitz, editing by Riham Alkousaa)

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