14 February 2012 19:09 [Source: ICIS news]
HOUSTON (ICIS)--German chemicals major BASF has acquired Ovonic Battery, a US firm focused on nickel-metalhydride (NiMH) battery technology, officials said on Tuesday.
While BASF did not disclose the acquisition price, Energy Conversion said in a filing that the "gross purchase price" - before transaction fees and other adjustments - was $58m (€44m).
As part of the deal, BASF hired 35 Ovonic employees, Energy said.
BASF said it would manage Ovonic under the global battery materials business unit it launched on 1 January.
“Our acquisition of Ovonic provides BASF with an immediate leadership position in NiMH battery technology, as well as long-established commercial relationships with the world’s major battery manufacturers,” said Ralf Meixner, senior vice president of BASF’s battery materials business.
In related news, BASF said last month that it invested $50m in ?xml:namespace>
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