22 April 1999: Italian firm Magneti Marelli and Germany“s Robert Bosch have reached an accord to form an equal joint venture for producing automotive lighting technology, which will be marketed world…
22 April 1999: Italian firm Magneti Marelli and Germany“s Robert Bosch have reached an accord to form an equal joint venture for producing automotive lighting technology, which will be marketed worldwide. In a recent press release, Fiat, the Italian automobile maker, said the joint venture will be organized as a holding company, and the headquarters will be based in Austria. Fiat added that the deal will go into effect as soon as it is approved by the Antitrust Authorities. “The joint venture will give both companies sufficient clout to compete in the automotive lighting business with success,” said Fiat. “The objective is to become the world“s second largest producer of lighting systems.” The Robert Bosch lighting division is based in Reutlingen, Germany and employs about 3,300 workers worldwide. Sales for 1998 were reported at about US$ 443 million (Euros 400 million). The lighting division of Magneti Marelli is based in Venaria, near Turin, Italy, and employs around 2,500 workers worldwide. Sales for 1998 were reported at US$ 371 million (Euros 335 million).