German Voltabox to complete US unit sale in Sept

German e-mobility solutions provider Voltabox AG (ETR:VBX) on Tuesday said it is currently finalising a draft agreement on the sale of its US business and expects to wrap up the transaction in September.

The divestment is in line with a restructuring plan, through which the company aims to concentrate on electromobility and achieve a break-even result in the short term, Voltabox said, without revealing the sale price.

The agreement on the disposal is part of an asset deal with an unnamed US investor. It follows Voltabox's failure to realise its original management buyout plan for its US business, according to the statement.

The German company also expects the entry of new shareholders in the short term after the completion of the sale of German automotive supplier Paragon's stake in Voltabox.

Paragon announced in March 2020 that it was considering a partial sale of Voltabox or a complete withdrawal from the subsidiary in which it holds 54.5% in order to focus on other segments of the automotive industry. In December 2020 it signed a preliminary agreement to offload up to a 50% stake in Voltabox to a group of Swiss investors.

Voltabox specialises in manufacturing lithium-ion battery systems, which are used mainly in buses for local passenger transport, agricultural and construction machinery, and forklifts. It has plants in Delbrueck, Germany and in Austin, Texas.

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