Automotive battery provider Clarios to acquire Paragon’s battery unit
Automotive battery solutions provider, Clarios on Wednesday (August 30) announced it will purchase Paragon GmbH & Co. KGaA's power business that produces batteries and battery management systems for the automobile industry.
Clarios, the parent company of VARTA Automotive, a transportation battery brand in Europe considers the latest investment aligned with the company's focus on low-voltage vehicle architecture and systems.
"The low-voltage network is critical to the new user experiences, data collection methods and power system transformation underway in vehicles," said Mark Wallace, CEO of Clarios. "Paragon's team has the skills, culture and commitment to add new capabilities that will accelerate our partnership with key OE customers, especially around advanced Li-ion programs."
Clarios is expected to benefit from Paragon engineering expertise and complement the company's engineering team and its low voltage and Li-ion programs.
"Paragon's team and capabilities strengthen our resources in Europe and globally as we develop a systems-based approach to low voltage networks," said Federico Morales Zimmermann, VP and GM, Global Customers, Products and Engineering at Clarios. "I'm confident our new colleagues will help us accelerate the electrification and digitalization of new vehicles, to create new user experiences, exploit and capture data, and to power new systems-based architectures."
While Clarios did not disclose the details of the latest transaction, the company is expected to share additional information on the acquisition and how it fits the long-term vision at the upcoming IAA Mobility Conference to be held in Munich, Germany.
Clarios is a subsidiary of Brookfield Business Partners.