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Daimler to buy Evonik's li-ion business

Fri, 04/11/2014 - 10:52 -- Tildy Bayar
Daimler to buy Evonik's li-ion business

German carmaker Daimler is to acquire two battery cell manufacturing companies from its erstwhile partner Evonik Industries, the companies have announced. 

Under the terms of their agreement, Daimler will acquire a 50.1% stake in Evonik’s battery cell company Li-Tec Battery and a 10% stake in joint venture Deutsche Accumotive, making Daimler the sole owner of both companies. Details of the agreement were not revealed.

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