Filed under: EV/Plug-in, Hybrid
Last week, Johnson Controls and Saft announced that they have agreed to dissolve their joint lithium-ion motive battery joint venture that they formed back 2006. The parties' agreement to terminate their tie up will put an end to legal proceedings between the two firms.
Under the terms of the agreement, Johnson Controls will acquire Saft's share of the joint venture for $145 million. The agreement includes a royalty payment by Johnson Controls to Saft, which gives Johnson Controls a license to use some of Saft's technology.
Alex Molinaroli, president, Johnson Controls Power Solutions, stated:
And John Searle, chairman of Saft's management board, had this to say:We appreciate the relationship we have had with Saft and are pleased that we have been able to resolve this matter in a mutually beneficial way.
All assets of the joint venture will become property of Johnson Controls, with the exception of a facility in France, which will go to Saft by the end of 2012. Johnson Controls will be responsible for fulfilling all of the joint venture's many existing contracts, including those with BAIC, Azure and Ford.I am very pleased to have reached a rapid positive resolution to this dispute which is in the interests of our customers, staff and shareholders. It also eliminates the cash and profit and loss burden of the joint venture on Saft.
Continue reading Johnson Controls and Saft agree to terminate lithium-ion joint venture
Johnson Controls and Saft agree to terminate lithium-ion joint venture originally appeared on AutoblogGreen on Fri, 09 Sep 2011 09:57:00 EST. Please see our terms for use of feeds.
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