Lithium-ion battery maker Xalt acquires Magna battery JV

By Rhoda Miel
News Editor

Published: January 21, 2014 4:07 pm ET
Updated: January 21, 2014 4:14 pm ET

Related to this story

Topics Mergers & Acquisitions Automotive
Companies & Associations Magna International Inc.

Lithium-ion battery company Xalt Energy LLC is acquiring the battery and electric vehicle operations of a Magna International Inc. joint venture and already has added jobs at its Midland, Mich., operation.

Xalt was formerly called Dow Kokam LLC before Townsend Ventures LLC's MBP Investors LLC took a majority stake in the company in late 2013.

The acquisition includes the assets and a cash investment from MAHY E-Cell, a joint venture of Aurora, Ontario-based Magna and Hyundai Heavy Industries of South Korea.

Magna and HHI will retain a minority interest in Xalt, the companies said in a Jan. 21 news release.

"The additional R&D capabilities, the advanced technology and the additional capital and global reach we have acquired complement the tremendous expertise of our engineers and production team," said Xalt Chairman Dennis Townsend, in a statement.

Xalt has increased employment in Midland by 10 percent since MBP took ownership, and the company said it expects to add more jobs during the first quarter of 2014.

The company that is now Xalt opened in 2009 as a joint venture of Dow Chemical Co. and TK Advanced Battery LLC, with operations based in Midland adjacent to Dow.

Magna and Seoul-based HHI formed MAHY E-Cell in 2012 with Magna holding a 60 percent share. The company was intended to combine the two firms' expertise to co-develop a battery cell and battery pack business.

Exact terms of the Xalt deal were not disclosed.

Lithium-ion batteries, which use thermoplastic film in each cell and a variety of plastics in operating components and packs, are used in both all-electric and hybrid electric vehicles.


Comments

Lithium-ion battery maker Xalt acquires Magna battery JV

By Rhoda Miel
News Editor

Published: January 21, 2014 4:07 pm ET
Updated: January 21, 2014 4:14 pm ET

Post Your Comments


Back to story


More stories

Image

Eriks NV buys two US polymer companies

April 24, 2015 10:38 am ET

Dutch company Eriks NV is expanding its reach in the North American plastics sector with two acquisitions: Dallas-based Seals and Packings Inc. and...    More

Image

Danish packaging firm Faerch buys UK's Anson as part of growth strategy

April 24, 2015 9:37 am ET

Denmark-based packaging company Faerch Plast A/S has acquired Ely, United Kingdom-based Anson Packaging Ltd., a move the company says “should...    More

Image

Reifenhäuser acquires German spinneret company Enka Tecnica

April 17, 2015 9:31 am ET

Germany-based Reifenhäuser GmbH & Co. KG, a major manufacturer of extrusion equipment, has announced that it is acquiring Enka Tecnica GmbH, a German ...    More

Image

Spain's Grupo Antolin to buy Magna's interiors business

April 16, 2015 12:33 pm ET

Spain's Grupo Antolin has reached an agreement to purchase Canadian auto supply giant Magna International Inc.'s interiors unit in a deal valued at...    More

Image

Madison buys Ferry Industries

April 16, 2015 5:22 pm ET

Ferry Industries, the largest manufacturer of rotational molding machinery, was purchased by Madison Industries, a Chicago holding company that is the...    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Injection Molding Market Analysis & Processor Rankings

Plastics News BUNDLED package contains our in-depth Market Analysis of the Injection Molding segment. You will gain keen insight on current trends and our economic outlook.

As a BONUS this includes PN's updated 2014 database of North American Injection Molders RANKED by sales volume. Sort, merge, mail & prospect by end market, materials processed, region, # of plants and more.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 15, 2015 - September 17, 2015Plastics Caps & Closures - September 2015

More Events