BASF SE (Ludwigshafen, Germany; www.basf.com) has signed an agreement to sell its electrolytes manufacturing site in Suzhou, China, to Shenzhen Capchem Technology Co. one of the leading suppliers in the global electronic-chemicals and functional materials industry. The transaction is expected to close in the next 60 to 90 days, subject to regulatory approval and other customary closing conditions.
BASF is shifting its focus in the battery materials space to high energy cathode materials where it has a strong IP and technology portfolio.
“We are focusing our resources where we are best positioned to grow and serve our customers with high value products,” said Jeffrey Lou, Senior Vice President, Battery Materials, Catalysts division, BASF.
Capchem’s acquisition of the Suzhou manufacturing site allows the company to expand its electrolytes capacity, improve the international influence and consolidate its global leadership.
“This agreement with BASF is a milestone for the internationalization of Capchem. Today, Capchem is the electrolyte market leader in China and this new venture will position us as an international leader as well,” said Johnson Qin, Capchem Chairman of the Board.
Financial details of the transaction will not be disclosed.