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Bulgaria

Monbat drops plans to acquire control of Assad

Mon, 10/22/2018 - 00:00 -- John Shepherd
Assad battery

Bulgarian lead-acid battery manufacturer Monbat has dropped plans to buy a majority stake in Tunisian lead firm Assad.

The decision to scrap the deal, announced last year, came amid reports of an alleged pending legal case concerning the land on which Assad built its production plant— and concern that Monbat would be unable to retain control of an Assad subsidiary in Algeria because of proceedings in that country.

Monbat declined to comment in detail, but a spokesperson said: “In the course of the final stage of the due diligence of L’accumulateur Tunisiene Assad, there were subsequent matters disclosed which are challenging the originally expected value creation and are increasing Monbat’s level of enterprise risk.”

Other projects being financed by Monbat’s recent corporate bond issue are under way and an update will be issued to investors in due course, the Sofia-based company said in a filing with Bulgaria’s Financial Supervision Commission.

Monbat said it would “sustain its investment selectivity and focus on those business projects in the current pipeline, which provide the best match between return and operational risk”.

Assad, founded in 1974, designs, manufacturers, distributes and recycles lead-acid batteries for applications, including automotive, marine, solar, industry and telecoms.

Assad has reported a combined annual production capacity of 1.2 million batteries. The firm’s recycling arm was launched in 2002 to recycle around 10,000 tons of used batteries from the Tunisian market each year.

Monbat was founded in 1959, privatised in 1998 and is now a leading European battery producer. The company has production and recycling plants in three countries and exports worldwide.

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Monbat books lead sales boost

Tue, 01/09/2018 - 12:52 -- Xuan Zhong
Monbat books lead sales boost

Bulgarian lead-acid battery manufacturer Monbat has posted a near 30% increase in sales for the 11 months up to November 2017 over the year-ago period.

Monbat said the group’s consolidated net sales for the period amounted to the equivalent of  around $186m— representing an increase of 27.90% over the same period in 2016.

 

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Monbat boosts investment plans with EUR30m bond issue

Tue, 10/17/2017 - 09:23 -- News Editor
Monbat boosts investment plans with EUR30m bond issue

The board of Bulgarian lead-acid battery manufacturer Monbat has given the go-ahead for the firm to issue seven-year corporate bonds worth up to EUR30 million ($35.4m).

Monbat told Bulgaria’s Financial Supervision Commission that the decision, made on 10 October, will see the company issue up to 30,000 bonds with a nominal value of EUR1,000 each.

 

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Monbat snaps up Italian battery recycling business

Mon, 10/02/2017 - 14:10 -- News Editor
Monbat snaps up Italian battery recycling business

Bulgarian lead-acid battery manufacturer Monbat is to acquire Italian battery recycling company Piombifera Italiana for an undisclosed sum.

The acquisition, to be made through Monbat’s recycling subsidiary, was triggered by “the increased demand for raw materials for the production of lead batteries”, Monbat said in a statement to Bulgaria’s Financial Supervision Commission.

 

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Pavlov dies aged 86

Tue, 08/29/2017 - 12:23 -- News Editor
Pavlov dies aged 86

Professor Detchko Pavlov, the Bulgarian academician who dedicated practically his whole life to research and development of lead-acid batteries, died last Friday. He was 86. Pavlov’s almost legendary 65-year-long career in battery research began in 1953.

A graduate of the University of Chemical Technology and Metallurgy in Sofia, for the next seven years he worked as assistant to the Chair of Physical Chemistry of the same university with Prof. St. Hristov.

 

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Monbat moves into lithium-ion with German acquisitions

Mon, 07/03/2017 - 10:55 -- News Editor
Monbat moves into lithium-ion with German acquisitions

Bulgarian lead-acid battery manufacturer Monbat has moved into the lithium-ion business with the acquisition of German peers Gaia Akkumulatorenwerke and EAS Germany.

The financial terms of the acquisition were not disclosed, but Monbat said it had acquired 100% of all tangible and intangible assets of both companies and is merging them into the EAS Batteries business in Nordhausen, northeast Germany.

 

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