Panax Etec
Assembly Line
Dongwha Enterprise acquires battery electrolyte firm Panax Etec
South Korea’s wood material maker Dongwha Enterprise said Aug. 14 that it has bought an 89.63 percent stake in battery electrolyte maker Panax Etec, valuing the firm at 131.5 billion won ($108.4 million). Dongwha paid 117.9 billion won to acquire the stake from Seoul-based private equity firms JKL Partners, Quintessa Investment and Seven Bridge Private Equity.
Spun off from Ukseung Chemical in 2009, Panax Etec is the first Korean company to produce homegrown electrolyte products for secondary batteries, in the global market largely dominated by players including Japan’s Mitsubishi Chemical and Ube Industries, as well as China’s Shenzhen Capchem Technology and Guotai Huarong.