Tawianese lead-acid battery manufacturer CSB Battery has become a consolidated subsidiary of Hitachi Chemical after the Japanese firm bought around 33.7 percent of its shares.
The deal was announced by CSB Battery after shareholders, Chen Chau-Hai, Richard Chen, and other minority shareholders’ interest in the company were transferred to Hitachi.
A resolution passed at CSB’s Board of Directors meeting earlier this year, at which time Teruo Oka was appointed as the new Chairman of CSB with Andrew Wang remaining as President.
Past Chairman and CEO Chen, past Chairman Board Director Chau-Hai, and Board Director John Wang resigned as CSB Board Directors following the deal.
Shin-Kobe Electric Machinery Co Ltd (SKEM), a wholly owned subsidiary of Hitachi Chemical, also owns around 27.1 percent of CSB shares.
With Skem, the total CSB shareholding of Hitachi Chemical to 60.8 percent consisting of 44,927,000 shares.