SEOUL -- Lithium-ion battery giant Samsung SDI plans to buy a battery materials business from a Samsung group company for 18.7 billion won ($15.9 million).
Samsung SDI will obtain Samsung Fine Chemicals' interest in STM, a joint venture established in 2011 by Samsung Group and Toda Kogyo, a Japanese materials maker. The transaction, slated to take place Sept. 16, will give Samsung SDI about 72% of the company. Toda Kogyo's interest will remain unchanged at around 28%.
STM produces positive-electrode materials for Samsung Fine Chemicals.
Samsung SDI, global leader in the lithium-ion battery market, also plans to sell its stake in Samsung BP Chemicals to Samsung Fine Chemicals for 81.9 billion won. Samsung SDI plans to use the fund for investment in automotive battery operations.
