Clarios, the parent company of VARTA Automotive, will purchase Paragon GmbH & Co’s battery unit. Paragon produces and develops automotive electronics.
Clarios specialises in manufacturing and recycling low-voltage networks and batteries. On the acquisition, CEO Mark Wallace said: “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.”
Federico Morales Zimmermann, vice president and GM, Global Customers, Products and Engineering, Clarios said: “I’m confident our new colleagues will help us accelerate the electrification and digitalisation of new vehicles.”
Clarios says it will share additional information its acquisition during the IAA Mobility Conference in Munich, Germany, in September.
Details of the transaction were not disclosed.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData