Germany's Kion Forms Battery Joint Venture with BMZ Holding
11 Juli 2019 - 11:01AM
Dow Jones News
By Stefanie Haxel
German forklift manufacturer Kion Group AG (KGK.XE) said
Thursday that it is launching a joint venture for lithium-ion
batteries with BMZ Holding GmbH to meet rapidly growing demand in
the intralogistics market.
A new production facility is being built by BMZ in Karlstein am
Main, where the German cell-and-battery maker is based, Kion said.
The company didn't put a figure on the investment.
The move comes at a time when car makers and other vehicle
manufacturers are rushing to secure their battery supply as they
are ramping up production of electric vehicles.
Volkswagen AG (VOW.XE) last month agreed to set up a joint
venture with Sweden's Northvolt AV to produce batteries in Germany.
German car maker Opel, which is part of Peugeot SA (UG.FR) also
plans to build a factory in Germany, together with French battery
maker Saft, which is owned by Total SA (FP.FR).
By cooperating with BMZ, Kion is also securing its own supply.
Electric drive systems are of particular importance for Kion as its
brands are supplying more and more electric-powered forklift and
warehouse trucks, the company said. Last year, electric trucks
accounted for about 80% of unit sales.
The joint venture will initially focus on 48-volt and 80-volt
batteries for counterbalance trucks and will expand the offering
soon to 24-volt batteries for smaller warehouse trucks, Kion said.
It is expected to employ about 80 people by 2023, working mainly in
research, development and production functions. Kion and BMZ will
each hold a 50% stake in the venture.
Write to Stefanie Haxel at stefanie.haxel@wsj.com
(END) Dow Jones Newswires
July 11, 2019 04:46 ET (08:46 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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