Hitachi Chemical Co., Ltd. is set to acquire a 43.9% stake in Thai Storage Battery (TSB), through a negotiated transaction with the Korphaibool Family, the founder and major shareholder of TSB.
After completing the acquisition, the Hitachi Chemical Group plans to acquire the remaining stake by launching a mandatory tender offer (MTO) of 275 Thai baht ($8.26) per share, without setting an upper limit on the planned number of shares to be purchased.
The Hitachi Chemical Group’s basic plan in the energy storage system business is to establish presence in the global market through increased scale and expanding production bases.
TSB has already been advancing its automotive and industrial lead-acid battery business, primarily in Southeast Asia, and boasts a large market share in Thailand and other countries.
Hitachi sees the acquisition as allowing Hitachi Chemical to utilise TSB’s brand value and manufacturing bases with a view to further strengthening its automotive and industrial lead-acid battery business in Southeast Asia.
TSB aims to expand its market share in Southeast Asia by incorporating Hitachi Chemical’s manufacturing knowhow to enhance its lead-acid battery capabilities.
Hitachi Chemical and TSB will share each other’s sales networks for automotive and industrial lead-acid batteries to extend their businesses to meet a wider range of customer needs.
