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Business

Daimler Buys Evonik’s Battery Firm Stakes

by Alex Scott
April 14, 2014 | APPEARED IN VOLUME 92, ISSUE 15

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Credit: Li-Tec
Flags fly in front of Li-Tec’s factory in Germany.
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Credit: Li-Tec
Flags fly in front of Li-Tec’s factory in Germany.

The German carmaker Daimler will acquire from Evonik Industries the shares it doesn’t already own in two lithium-ion battery joint ventures. Daimler will get Evonik’s 50.1% stake in Li-Tec Battery, a 380-employee firm producing Li-ion battery cells in Kamenz, Germany. Li-Tec cells are used in Daimler’s Smart Fortwo electric car. Daimler also will get the 10% it doesn’t already own in ACCUmotive, a Stuttgart, Germany-based maker of Li-ion batteries with 230 staffers. Both of the acquired firms are less than 10 years old.

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