Exide Receives Permission to Launch Chinese Joint Venture
Exide Technologies (Princeton, NJ) reports that it has received permission from the Chinese government to launch a joint venture with Shenyang Dongbei Storage Battery Co. Ltd. (China). Exide will own 65 percent of the venture, a total investment that will reach $25.0 million over five years.
The new venture, to be called Exide Shenyang Industrial Battery Co. Ltd., will produce an estimated 100,000 medium- and large-network batteries in the first year, with output rising to 300,000 within five years. The batteries will be marketed under the Exide brand for upper-end products for export, and under the Dongbei brand for the Chinese market.