Asahi Kasei, a Japanese chemical company, has completed its acquisition of Charlotte-based Polypore, a battery components maker.
Polypore also said Wednesday it has completed the sale of about $1 billion of the assets and liabilities from its separations media business to 3M Co., and Asahi Kasei will receive the cash proceeds from the sale.
Asahi Kasei and Polypore had announced the deal in February. The new parent company said it would pay $3.2 billion in cash for Polypore, or $60.50 per share. The deal is part of an effort by the Japanese company to grow its battery business and expand capacity abroad.
“Polypore and Asahi Kasei will work together to integrate their technology and expertise to maximize synergies that will enable further development and growth of the battery separator business,” the Charlotte company said in a statement.
Polypore is the parent company of battery-maker Celgard, which has plants in Charlotte and Concord. As part of the deal, Celgard will remain under the Asahi Kasei-owned Polypore.
According to Bloomberg, Polypore supplies the world’s three largest car makers, along with Tesla Motors and Panasonic.