Osram’s transformation is making further progress: the company has agreed to sell its 13.5% stake in the Chinese company Foshan Electrical and Lighting (Felco) to a subsidiary of Guangdong Rising Assets Management With this move, Osram will dispose of a non-strategic investment. The agreed selling price is more than EUR 350 million (US $392.51 million), which corresponds to a premium of more than 30% over the current share price. Osram expects to have a pre-tax gain of around EUR 300 million from the transaction, which is expected to be booked in fiscal 2016.
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Osram will use the net disposal proceeds for the further worldwide funding of its funded pension commitments. “A funding status of almost 100% means that Osram occupies one of the top spots in Germany. It will result in a more powerful and more robust setup of the company” said Olaf Berlien, Chief Executive Officer of OSRAM Licht.
