Lithium-ion and lead-acid battery separator firm Polypore International has been sold for around $3.2billion in two separate deals.
The US company sold its Energy Storage business to Japanese firm Asahi Kasei Corporation for around $2.2billion and its Separations Media segment to US based 3M Co for around $1billion.
Asahai Kasei’s acquisition will strengthen its rechargeable battery portfolio for hybrid, plug-in hybrid and electric applications, and power storage and storage systems applications.
The energy storage deal includes lithium-ion battery separator manufacturer Celgard, and lead-acid battery separators producer Daramic. Both firms were bought by Polypore in 2004.
The deal also includes Polypore’s production plant locations in the U.S., South Korea, and China and its lead-acid battery separator production plants in the U.S., Thailand, France, Germany, India, and China.
An Asahi Kasei spokesman told BEST the deal was to capitalise on forecasted ‘significant additional’ growth in electric vehicle applications.
The Boards of Directors of Asahi Kasei, 3M, and Polypore have approved the transactions which are now subject to customary conditions, including approval of Polypore’s shareholders and receipt of applicable regulatory clearances.
3M will finance the transaction with cash, the majority of which will come from outside the U.S.