The company, which will talk to shareholders about the offers, says there is particular interest in Mutlu Akü in Turkey
11 December 2019 - 07:34
bykarl gernetzky
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
The electric vehicles produced as in-house projects by the Metair Group. Picture: SUPPLIED
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.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
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.
gernetzkyk@businesslive.co.za
WATCH: How Metair benefited from its overseas acquisitions
Metair: Clear vision and wise allocation of capital
Metair lifts interim profit but warns that Turkish exposure may tarnish full-year results
Metair eyes Slovenian battery company in drive to lift market share
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most Read
Related Articles
WATCH: How Metair increased revenue
Metair shrugs off economic challenges to post 19% jump in revenue
Metair survives currency volatility to post record results
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.