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TOKYO, Apr 18, 2018 - (JCN Newswire) - Showa Denko KK (SDK; TSE:4004) has established a wholly owned subsidiary, Showa Denko Battery Materials (Shanghai) Co., Ltd. (SDBM), to sell advanced battery materials and to strengthen the Company's battery materials business in China.
The market for lithium-ion batteries (LIBs) is rapidly expanding due to the spread of mobile electronic devices including smartphones and the on-board use of LIBs for New Energy Vehicles (NEVs), following environmental awareness on a global scale.
In China, the national policy to promote NEVs has been boosting the production and sales of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), while many LIB manufacturers are actively conducting capital investment in China.
SDK had conducted all business activities for LIB materials in China through Showa Denko (Shanghai) Co., Ltd., a management company which had been acting as regional headquarters.
However, we established SDBM for faster decision making, strengthening relationships with major LIB manufacturers and gathering detailed information under immediate supervision of the Advanced Battery Materials Division.
"Project 2020+", our ongoing medium-term business plan, positions our LIB materials business as an "Advantage-establishing" business. We therefore establish SDBM at the center of our battery materials business in China, to further expand this business going forward.
Outline of the new company (SDBM):
1) Name: Showa Denko Battery Materials (Shanghai) Co., Ltd.
2) Address: 18F Wang-Wang Building, No. 211, Shimen Yi Road, Shanghai 200041, China
3) Capital: 100 million yen
4) Established: April 10, 2018
5) Business: Marketing and sales of battery materials in China
Contact:
Showa Denko KK
Public Relations Office
Phone: +81-3-5470-3235
Topic: Establish Subsidiary
Source: Showa Denko K.K.
Sectors: Chemicals, Spec.Chem, Alternative Energy
https://www.acnnewswire.com
From the Asia Corporate News Network
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