“The strategic cooperation with Daimler Truck as one of the world’s largest commercial vehicle manufacturers reflects our strong position as an innovation driver and technology leader in the field of lithium-ion battery production,” Manz CEO Martin Drasch mentioned.
As a part of the deal, Manz, which produces the machines wanted to construct batteries, will concern 774,408 new shares, to be purchased by Daimler Truck at 39.53 euros apiece.
Shares in Manz had been up 8.5% on the information.
Under the settlement, Manz is meant to arrange a pilot line for the manufacturing of lithium-ion battery cells in addition to the meeting of batteries at Daimler Truck’s Mannheim web site.
“The two companies will combine their expertise to jointly develop innovative battery technology and associated production processes for trucks and buses,” Manz mentioned.
($1 = 0.9370 euros)
(Reporting by Christoph Steitz, Editing by Miranda Murray)
Daimler Truck to take 9% stake in Germany’s Manz in battery push & More Latest News Update
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