MOSCOW (MRC) -- Clariant, a world leader in specialty chemicals, has agreed to divest its Business Line Energy Storage to Johnson Matthey Plc, reported the company in its press release.
The total consideration of the sale amounts to USD 75 million at closing which is expected early 2015.
The Energy Storage business of Clariant is the largest hydrothermal Lithium Iron Phosphate (LFP) producer in the world. The lithium ion cathode material is used in electric vehicles and stationary battery applications. In 2013 the Energy Storage business generated around CHF 16 million in sales. The business employs around 100 employees predominantly in Canada and Germany.
"The divestment of the Energy Storage business with its LFP technology is part of our focused portfolio management and reallocating capital towards our core areas Care Chemicals, Catalysis and Energy, Natural Resources, and Plastics and Coatings," said Hariolf Kottmann, CEO of Clariant.
Robert MacLeod, Chief Executive of Johnson Matthey said: "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."
We remind that, as MRC wrote previously, in September 2014, Clariant announced that it had signed a purchase agreement with VitaPac, a Chinese specialist for healthcare packaging. The owner-led company with 80 employees is based in Hong Kong with a production site in Dongguan, China. It had consolidated sales of about CHF 4.0 million in 2013 (USD4.2 million). The transaction is expected to be completed by the end of the fourth quarter of 2014 and subject to regulatory approvals.
Clariant Chemicals (India) Limited and custom color and additive products with production of more than 10,000 color matches which are completed each year. With more than 50 manufacturing plants around the world, Clariant
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