The Italian owner of German battery separator firm Treofan Holdings, M&C, has sold its controlling stake in Treofan Europe to India’s Jindal Films.
Jindalan specialises in biaxially oriented polypropylene (BOPP) films— of which Treofan is a leading global manufacturer— and has production plants in India, Europe and the US.
Treofan said a legally binding agreement for the deal was signed last month and the transaction is expected to conclude before the end of the first quarter of 2019, subject to various approvals.
Treofan CEO Walter Bickel (pictured) said the move “will open up new global strategic directions for the company and its employees”.
The Treofan Group has been in the BOPP market for nearly 50 years. Last June, the firm announced that it was developing a “thermally stable separator film” for use in lithium-ion battery cells.
The sale comes after the sale of Treofan Americas to Canadian label manufacturer CCL in March 2018 for around US$251m. Speaking then, Bickel said that the Treofan group would use the proceeds “to deleverage the company and to further develop our production sites in Europe”.
When contacted by BEST Battery Briefing, Treofan declined to comment on the June or latest sell-off announcements, and the relationship between them.