Osram expects double-digit mln eur license payments for lamps unit sale
FRANKFURT, July 27 (Reuters) - German lighting group Osram , which sold its lamps unit to a Chinese consortium on Tuesday, expects licenses from the deal to generate a high double-digit million amount over the next ten years, its chief executive said on Wednesday.
Osram had agreed to sell its general lighting lamps business Ledvance for more than 400 million euros to a consortium of Chinese buyers, including lighting company MLS.
"We were looking for stable co-investors and this is what we found in them," Osram CEO Olaf Berlien told a press conference, adding that MLS had agreed to preserve workers' rights and that he did not expect any layoffs. (Reporting by Tina Bellon; Editing by Edward Taylor)