Samsung SDI-Bosch venture buys U.S. maker of hybrid car batteries

SEOUL, July 14 (Yonhap) -- Samsung SDI Co., the world's No. 3 producer of
rechargeable batteries, said Tuesday its joint venture with Germany's Bosch Corp.
has purchased a U.S. maker of hybrid car batteries to expand its business in
North America.
The joint venture, SB LiMotive Co., bought stakes in Cobasys LLC from Chevron
Technology Ventures LLC and Ovonic Battery Company, Inc, which each held 50
percent of Cobasys, Samsung SDI said.
The Michigan-based company has some 300 employees and designs, develops and
manufacturers integrated energy storage systems, principally for hybrid electric
vehicles.
South Korean makers of batteries for hybrid vehicles have been rushing to
increase their capital spending in an effort to secure a spot in the rapidly
growing global market.
In June 2008, Samsung SDI signed a deal with Bosch, the world's largest supplier
of automobile components, to set up a 50-50 joint venture. The company is
scheduled to start commercial production of batteries for hybrid electric
vehicles in 2010.
ygkim@yna.co.kr
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