21 February 2012 12:10 [Source: ICIS news]
LONDON (ICIS)--Chemical major BASF announced on Tuesday that it will buy German speciality and pharmaceutical company Merck KGaA’s electrolytes business for high-performance batteries.
The acquisition will strengthen BASF’s electrolytes business, launched on 1 January 2012, and enhance the expertise it offers to automotive and battery manufacturers around the world, it said.
“We emphasise again our goal of positioning BASF as a solution-oriented partner to battery manufacturers in this dynamic market,” said BASF research executive director Andreas Kreimeyer.
“The electrolyte portfolio developed by Merck and their established market channels will provide additional impetus to our efforts to develop into a reliable supplier of electrolyte formulations offering innovative and customised solutions for battery manufacturers,” he added.
The companies agreed not to disclose financial details of the transaction.
BASF said it intends to invest a “three-digit million euro sum” in researching, developing and producing advanced battery materials over the next five years.
On 14 February, BASF bought Ovonic Battery, a US firm focused on nickel-metalhydride (NiMH) battery technology.
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