Automaker Daimler AG is acquiring the remaining shares in a lithium-ion battery cell maker from specialty chemical company Evonik Industries AG as it intensifies its focus on electric cars.
The German companies said in a statement Tuesday that in addition to acquiring Evonik's 50.1-percent stake in Li-Tec Battery GmbH, Daimler will also buy Evonik's 10-percent share in their Deutsche ACCUmotive GmbH & Co. KG battery partnership. Daimler is now sole owner of both companies.
The companies say they agreed not to divulge financial details.