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© Paragon Electronics Production | March 03, 2020

paragon plans sale of Voltabox stake

paragon plans to sell its stake in its subsidiary Voltabox AG. The options currently being weighed by the majority shareholder range from a partial sale to the sale of the entire stake.

paragon says in an update that it aims to invest the proceeds in its core automotive business. Currently, paragon holds 60% of the share capital of Voltabox AG, with the remaining 40% in free float. "paragon has brought Voltabox AG to its market-leading position over a period of more than eight years," says Klaus Dieter Frers, Chairman of the Board of paragon GmbH, the general partner in paragon GmbH & Co. KGaA, in a press release. "However, as an automotive company with a strong base in continental Europe, we are not the right long-term partner to scale the business globally and thus exploit its full growth potential." There are ever fewer overlaps between paragon's and Voltabox's business models. paragon focuses on the automotive industry's high-growth premium segments such as sensors, digital assistance systems and body kinematics, while Voltabox's lithium-ion battery systems are deployed in numerous industrial applications. Already today, there are no significant overlaps and dependencies between paragon and Voltabox. Against this background, the management of paragon believes that Voltabox AG can best leverage its market potential as supplier of lithium-ion battery systems in industrial applications with well-capitalized owners that have a strong international footprint.
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March 27 2020 12:33 pm V18.4.17-2