BASF Acquires Novolyte Technologies
BASF, Ludwigshafen, Germany, Arsenal Capital Partners, a private equity firm in New York, USA, and Foosung Co., Ltd., Seoul, Korea, announced BASF’s acquisition of Novolyte Technologies, based in Cleveland, Ohio, USA. Novolyte is a manufacturer of electrolyte formulations for lithium-ion batteries, as well as specialty chemicals for several key market segments. With 167 employees, Novolyte operates sites in the United States and China. BASF purchases Novolyte from Arsenal. The companies have agreed not to disclose financial details of the transaction.
The acquisition comprises Novolyte’s Energy Storage activities focused on developing, producing and marketing performance electrolyte formulations for lithium-ion batteries. BASF also buys Novolyte’s performance materials business.
Additionally within the framework of the acquisition, BASF will continue a joint venture of Novolyte with Foosung, a global producer of the high-purity specialty salt Lithium Hexafluorophosphate, a key material for manufacturing lithium-ion battery electrolytes.
Would you like to subscribe to our Newsletters on plastics technology and profit from the latest information?
Looking for a new challenge? Check out our jobs market!
Patents encourage innovation: Stay on the ball with the latest innovations in the plastics industry in our patents section.