BASF and Toda Kogyo to form JV

Under terms of the agreement, BASF will acquire a 66% ownership stake in the new venture, with Toda Kogyo holding a 34% ownership stake. BASF and Toda Kogyo will combine their respective CAM businesses, intellectual property and production assets in Japan in the joint venture, which will operate under the trade name BASF TODA Battery Materials, LLC. Closing of the joint venture agreement and the launch of operations for the newly formed company is expected to take place by the end of February 2015. BASF TODA Battery Materials will focus on R&D, production, marketing and sales of a broad range of cathode materials including Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO) and Nickel Cobalt Manganese (NCM) in Japan. These materials are used in lithium-ion batteries for the automotive, consumer electronics and stationary storage markets. The new venture will have a direct employee base of approximately 80, and an annual combined production capacity for cathode active materials and their precursors of approximately 18'000 metric tons. It will maintain a headquarters facility in Tokyo, with production sites in Sanyo Onoda and Kitakyushu/Japan.