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

Unipex Group buys Ferguson Chemical Innovation

July 29, 2014 1:57 pm ET

Chemical distributor Unipex Group Inc. announced July 29 that it had purchased Ferguson Chemical Innovation, a Brampton, Ontario-based supplier of...    More

Image

Magna expanding interiors site in Slovakia

July 29, 2014 1:47 pm ET

Magna International Inc. plans to nearly double the size of its manufacturing facility in Trnava, in western Slovakia, to accommodate new automotive...    More

Image

Universal Polymer beefing up capabilities through acquisition

July 29, 2014 12:04 pm ET

Universal Polymer & Rubber Ltd. is growing again and adding to its capabilities, this time via another acquisition and a plant expansion.    More

Image

Reynolds considering sale of Closure Systems International unit

July 29, 2014 10:32 am ET

Packaging giant Reynolds Group Holdings Ltd. has put its closures business under review.    More

Image

Carbon black supplier Orion begins trading on NYSE

July 29, 2014 11:29 am ET

Orion Engineered Carbons S.a.r.l. has priced the initial public offering of 19.5 million common shares at a price to the public of $18 per share.    More

Market Reports

Plastics Recyclers Data Report & Directory

This exclusive MS Excel database contains all the companies from Plastics News' ranking of top North American Recyclers and Brokers by reprocessed volume and also includes a directory with materials processes, services offered and company contact information. Data is based on primary research by PN editorial staff.

Learn more

2014 Injection Molding Industry Report

GROWTH, OPPORTUNITY IN SIGHT FOR INJECTION MOLDERS IN 2014

In the wake of the economic turbulence earlier in this decade, molders today find themselves in much better shape. Molders are gaining a competitive advantage by investing in people, equipment and seeking inroads into new markets on a global scale.

Growth in the injection molding industry is going to be driven by low financing costs and a continued move to reshore some business.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Upcoming Plastics News Events

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

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

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

More Events