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

Ferro sells another piece of its plastics business

December 19, 2014 3:33 pm ET

Ferro Corp. has sold its North American polymer additives business to a private equity firm for $154 million in cash.    More

Image

Alex Brands buys iconic Shrinky Dinks toys

December 19, 2014 3:15 pm ET

First Slinky, now Shrinky Dinks. What will toy and games investment firm Alex Brands buy next?    More

Image

Thailand's SCG Chemicals buying Norwegian chemical firm Norner

December 19, 2014 9:11 am ET

Thailand's SCG Chemicals Co. Ltd. has announced it has acquired 51 percent of the shares in the independent petrochemical company Norner Holding AS...    More

Image

BASF to sell its share in Singapore JV

December 19, 2014 8:37 am ET

BASF SE has announced that it has reached an agreement for it to sell its share in the 50-50 joint venture ELLBA Eastern, at Jurong Island, Singapore ...    More

Image

Sabic: Rapid demand growth led to Ultem shortage

December 18, 2014 12:06 pm ET

Sabic Innovative Plastics has been increasing production capacity for its Ultem polyetherimide but it still got caught short by increasing demand for ...    More

Market Reports

Flexible Packaging Trends in North America

Our latest RESEARCH report examines trends in FLEXIBLE PACKAGING impacting the North American market including a review of economic conditions, key drivers of growth, materials pricing, M&A activity, sustainability challenges and the outlook for 2015.

Learn more

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

Learn more

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

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

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

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events