Navitasys Technology Limited Signs a Letter of Intent with Shenzhen Desay Battery Technology Co., Ltd. to Establish A Joint Venture
December 22, 2020 at 02:30 am EST
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TDK Corporation announced that TDK's subsidiary Navitasys Technology Limited signed a letter of intent with respect to discussing a potential business collaboration, including the establishment of a joint venture with Shenzhen Desay Battery Technology Co., Ltd. It is planned that the maximum shareholding ratio of NVT HK will be 49% and the remaining will be owned by SZ Desay. The joint venture will be Huizhou Desay Battery Co., Ltd. (Guangdong, China), which is currently a wholly-owned subsidiary of SZ Desay prior to the formation of joint venture. This business collaboration aims to strengthen the cooperative relationship between both companies through a joint venture in the rechargeable battery package business and further strengthen product competitiveness in this field. From now, both companies will discuss the transaction details, including the consideration to be paid for the joint venture shares in the future. This letter of intent is not legally binding and the business collaboration will only be implemented if a formal agreement is reached through discussion by the parties and upon the completion of satisfactory due diligence by both companies. It will be disclosed promptly as soon as it is decided to conclude a formal agreement.
Shenzhen Desay Battery Technology Co., Ltd. is a China-based company engaged in manufacture and sale of batteries. The Companyâs main products include lithium batteries, batteries for consumer electronics products, power management systems of power tools, new energy vehicle batteries and brushless motor control systems, among others. The Company distributes its products in domestic market and to overseas markets.