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Vietnam's Pinaco and Japan's Furukawa Battery form partnership

Cooperation will benefit from rapid increases in car and motorbike sales

Pinaco is a leading supplier of car and motorbike batteries in Vietnam.   © Reuters

HO CHI MINH CITY -- Vietnam's Dry Cell & Storage Battery, better known as Pinaco, and Japan's Furukawa Battery plan to become strategic partners, and will sign an agreement by the end of the year, according to a letter sent to Pinaco shareholders this week. 

The five-year agreement covers Furukawa Battery's technical input, its rights to assign representatives to Pinaco's board, and its rights to buy shares that become available. The Japanese company already owns 10.54% of Pinaco, and is its second largest shareholder after Vietnam National Chemical Group with 51.43%.

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