BASF and TODA KOGYO CORP. close agreement for joint venture specializing in cathode materials for lithium-ion batteries
Tokyo, Japan and Ludwigshafen, Germany – February 24, 2015 － BASF and TODA KOGYO CORP. today formally established “BASF TODA Battery Materials LLC” with the closing of their joint venture agreement announced in October 2014. The new company will provide cathode active materials (CAM) for lithium-ion batteries in Japan.
BASF TODA Battery Materials was established with 66% equity from BASF Japan Ltd. and 34% from TODA KOGYO CORP. The joint venture will conduct research and development, production, marketing and sales for a broad range of cathode materials, particularly NCA (Nickel Cobalt Aluminum Oxide), LMO (Lithium Manganese Oxide) and NCM (Nickel Cobalt Manganese) in Japan. These materials are used in lithium-ion batteries for the automotive, consumer electronics, and stationary storage markets. Internationally, the company will leverage BASF’s global network and reach to drive growth in the battery materials market, which BASF has identified as a key growth field for the future.
Kenneth Lane, President of BASF’s Catalysts division, said, “BASF brings global strength in cathode active materials to this new venture, together with a 150-year history of innovation. We look forward to developing the business in Japan, which is a global leader in lithium-ion battery manufacturing and innovation.”
Shigeru Takaragi, President of TODA KOGYO CORP., added, “With the formation of this joint venture we are ready to respond in a flexible and timely manner to the globally expanding cathode materials market for lithium-ion batteries. BASF and TODA will combine and mobilize resources to take full advantage of our synergies so that we can provide more innovative solutions to meet customer needs and demands.”
Yasuo Anno, who most recently served as Associate Senior Corporate Executive Officer, TODA KOGYO CORP., and President of Toda Energy Materials, has been appointed Chief Executive Officer of the new venture.
Headquartered in Minato-ku, Tokyo, BASF TODA Battery Materials has production facilities in Sanyo-Onoda city, Yamaguchi Prefecture, and Kita-Kyushu city, Fukuoka Prefecture, Japan. It has a direct employee base of approximately 80, with annual combined production capacity for cathode active materials and their precursors of approximately 18,000 metric tons.
BASF TODA Battery Materials will operate as part of BASF’s global Battery Materials business. It will benefit from BASF’s position as the leading chemical supplier to the automotive industry as well as from TODA KOGYO CORP.’s marketing and technical capabilities and extensive know-how in the battery materials industry.
About BASF
At BASF, we create chemistry – and have been doing so for 150 years. Our portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. As the world’s leading chemical company, we combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of about €74 billion in 2013 and over 112,000 employees as of the end of the year. Further information on BASF is available on the Internet at www.basf.com.
About TODA KOGYO CORP.
TODA KOGYO CORP. is specialized in the Wet Synthesis Technology of metal oxide, and manufacturing cathode materials for lithium-ion batteries, coloring materials including pigments and toners, magnetic powder materials, ferrite materials and other various magnetic materials. We aim to expand our business globally along with our fundamental line to provide solutions to support society in the aspects of information, environment and energy. TODA KOGYO CORP. had consolidated net sales of about 31.6 billion JPY in the fiscal year 2013, as well as about 932 employees as of March 31, 2014. More information on TODA KOGYO CORP. is available at http://www.todakogyo.co.jp/.