Toray investment move ‘to boost Korean separators business’

Toray investment move ‘to boost Korean separators business’

Toray investment move ‘to boost Korean separators business’ 1024 660 Energy Storage Journal

June 9, 2023: Toray Advanced Materials Korea (TAK) said on June 1 it had signed a contract to acquire a 70% stake in Toray Battery Separator Film Korea (Toray BSF).

Both companies are part of the Toray Industries group.

South Korea-based Toray BSF is also the core production base for separators supplied by the group’s operations in Japan to battery makers worldwide.

TAK said the acquisition, for an undisclosed sum, would help the group strengthen Korea’s battery supply chain at a time when demand for separators is expected to accelerate — largely driven by the EVs market.

The deal comes after Energy Storage Journal reported in April that South Korea was launching a multibillion dollar program to defend and expand its battery industry, amid fears lucrative US tax breaks and incentives are tipping the global battery trade balance stateside.

Last month, South Korea and the EU agreed to work together on battery development and raw materials supply under a ‘green partnership’.

In June 2022, Toray and LG Chem launched a 50-50 joint venture company in Hungary for the manufacture and sales of lithium ion separator film.

LG Chem said it planned to acquire an additional 20% equity in the business from Toray 30 months later.