Osram Decides on LEDVANCE as Name of LED Carve-Out

Osram continues to make progress with the carve-out of its general lighting lamps business. After the supervisory board of OSRAM Licht AG approved the carve-out of the unit in June 2015, the name of the new company has now also been decided.
 
“We have opted for a combination of the terms ‘LED’ and ‘advance’ and will call the newly established company LEDVANCE,” said Olaf Berlien, CEO of OSRAM Licht AG. “The name reflects the trend toward LED in the lighting market as well as the opportunities arising from this development – opportunities LEDVANCE will actively exploit.”
 
The product portfolio of LEDVANCE covers traditional lighting, modern LED lamps and standardized over-the-counter (OTC) luminaires, as well as connected and intelligent lighting solutions for smart homes and smart buildings. LEDVANCE will be led by Jes Munk Hansen, who has already been at the helm of the lamps business for one year after previously heading Osram’s important Americas business.
 
“I see good growth opportunities especially in the area of standardized OTC luminaires,” said Hansen.
 
The schedule for the formal carve-out of LEDVANCE remains unchanged: The organizational separation of the lamps business is to be completed as of April 1, 2016, while the legal separation is planned for July 1, 2016.