Metair gets offers for its battery business
The company, which will talk to shareholders about the offers, says there is particular interest in Mutlu Akü in Turkey
Metair, the manufacturer, distributor and retailer of energy storage solutions and automotive components, said on Wednesday that it has received unsolicited offers for its battery business.
The company will be engaging with shareholders over the offers, having concluded that its two businesses, the automotive components and energy storage units, “are in two different strategic positions and that a managed separation of the two will unlock value for stakeholders”.
The company’s energy storage business includes First National Battery in SA and Mutlu Akü in Turkey, which both produce lead acid batteries.
The company also owns 99.4% of Rombat in Romania, according to its website.
Metair said on Wednesday that Rombat and Prime Batteries had successfully completed the installation of the group’s first lithium-ion battery cell manufacturing and assembly facility in Bucharest, Romania.
The facility has a production capacity of up to 1-million cells a year, and production was expected to begin in the second quarter of 2020, Metair said.