Degussa and ENAX in Joint Battery Venture in China

June 21, 2005 by Jeff Shepard

Degussa AG (Dusseldorf, Germany), a supplier of specialty chemicals, announced that it had agreed to set up a battery joint venture in China with ENAX (Tokyo, Japan). The 50-50 joint venture, to be called Degussa Enax (Anqiu) Power Lion Technologies Co. Ltd., will make electrodes for lithium-ion batteries and be headquartered in Anqui, in the northern Chinese province of Shandong.

Degussa Chairman Utz-Hellmuth Felcht stated, "The new joint venture underlines our determination to systematically expand our presence in the attractive markets of Asia. We want to generate around 25% of group sales in Asia over the long term."