FRANKFURT (Reuters) - U.S.-based WESCO International (WCC.N) has agreed to buy the North American services unit of German lighting group Osram (OSRn.DE) for less than 100 million euros ($114 million), the groups said on Wednesday.
The sale of Sylvania Lighting Solutions, which makes annual sales of more than $100 million and employs about 220 staff, is expected to close in the first quarter of 2019, Osram said, adding it was making further progress in its transformation.
“Osram is increasingly focusing on intelligent technologies in the field of visible and invisible light for the market fields of visualization, sensor technology and treatment,” the group said.
Sylvania Lighting Solutions had been on the block since May last year. Its sale will not have a significant impact on Osram’s balance sheet, the group said.
Reporting by Christoph Steitz, editing by Louise Heavens