Leoch International Technology Ltd., a manufacturer of lead-acid batteries in China, has established a joint venture with Chengdu Shenhua Vehicle Industry Corporation Ltd., the largest electric car brand in Chengdu. Leoch also said will also acquire a 30% stake in an unnamed battery manufacturer in Malaysia.
Established in Sichuan's Chengdu, a western city of China, the joint venture company will mainly be engaged in the production, assembly and sale of cadmium-free lead-acid batteries. Leoch International will invest RMB20 million ($USD2.66 million) in the joint venture, with an 84.04% equity interest, while Shenhua Vehicle Industry will invest RMB3.8 million ($USD569,000) in equipment, accounting for a 15.96% equity interest. Leoch International will provide technical support and working capital, while Shenhua Vehicle Industry will provide marketing and sales channels.
Leoch Enterprises consist of five China production facilities located in Guangdong, Jiangsu and Anhui provinces. The facilities cover an area of more than 500,000 square meters, with 46 battery production lines, and two R&D centers in Zhaoqing and Jiangsu. The company has more than 7,000 employees, with more than 300 researchers and technicians. Leoch has annual installed production capacity of approximately 5 .0 million KVAh.
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