© varta consumer Electronics Production | June 14, 2019
VARTA raises €104M to expand production capacities
VARTA AG has successfully concluded its capital increase for the expansion of production capacities for lithium-ion batteries.
A total of 2,221,686 new shares were placed at a price of EUR 46.70 per share; gross proceeds from the capital increase amounted to EUR 104 million. “We are delighted with the success of this capital increase. We see this as confirmation of our commitment to pursuing our profitable growth path,” says Herbert Schein, CEO of VARTA AG, in a press release. The gross proceeds will be used to finance an additional capacity expansion for rechargeable lithium-ion batteries for high-tech consumer products, and wireless premium headphones in particular. The expansion – which Evertiq reported on – of production capacities to more than 80 million batteries per year in 2020 and well above 100 million batteries per year from 2021 will require an additional investment in the amount of approximately EUR 100 million. This is a consequence of unabated high customer demand in a market that is growing by more than 30% per annum. Originally, the Company had planned to expand production capacities to over 60 million batteries from 2020 onwards.
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