29th Oct 2014 07:00
LONDON (Alliance News) - FTSE 100 specialty chemicals group Johnson Matthey PLC agreed a deal on Wednesday to buy the Business Line Energy Storage arm of Swiss chemicals company Clariant AG for USD75 million, with expectations the deal will close in early 2015.
The Energy Storage business of Clariant is the largest hydrothermal Lithium Iron Phosphate producer in the world. The lithium ion cathode material is used in electric vehicles and stationary battery applications.
In 2013, the business generated around CHF16 million in sales. The business employs around 100 employees predominantly in Canada and Germany.
"This acquisition provides us with a strong position in LFP from which to develop a broad portfolio of battery materials. It further strengthens our battery technologies capability which marks an important step in Johnson Matthey?s long term strategy to establish new business areas," said Johnson Matthey Chief Executive Robert MacLeod.
By Sam Unsted; [email protected]; @SamUAtAlliance
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