INDI to Acquire Chinese Lithium Battery Maker
Ind. Int. Inc. (INDI) has entered into an agreement to purchase all issued and outstanding shares of Li Sun Power Int. Ltd. The transaction will make INDI the beneficial owner of about 72.83 percent of Wuhan Lixing Power Sources Co. Ltd. (Wuhan, China), a lithium and lithium-ion battery manufacturer. The acquisition is expected to close on or before May 10, 2003.
Wuhan Lixing employs about 860 employees. In 2002, it produced about 82.5 million pieces of disposable lithium batteries, 3.5 million pieces of rechargeable lithium-ion batteries, and 54,000 units of chemical composition equipment and testing equipment for lithium-ion batteries.
"We are optimistic about the prospects of lithium and lithium-ion batteries as they are environmentally friendly and can be used in a wide variety of electronic products and portable telecommunication devices," said Weijiang Yu, president of INDI. "The acquisition of Wuhan Lixing is a strategic move for the company as the two teams of research and development staff can now work closely together to develop better products to meet the market's needs."