Swiss lithium-ion battery maker Leclanché has prepared the ground for chief shareholder FEFAM to reduce the company’s debt pile in exchange for greater control of the 109-year-old company.
CEO Anil Srivastava yesterday re-emphasized an EGM called by the Yverdon-les-Baines-based company next month is to wave through another financial shot in the arm from FEFAM, a group of four Luxembourg-registered investment funds.
The historic brand is investing in Indian battery manufacture – through a JV with Exide Industries – and bus battery packs, alongside Sun Mobility; as well as EV batteries with Skoda Europe and in battery powered maritime cargo shipping, through a project with Norway’s Kongsberg Maritime, all of which activity this year saw its EBITDA losses widen.
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Having already backed Leclanché significantly in the past, FEFAM now wants to convert the remaining CHF54.7 million ($54.9 million) it is owed by the Swiss manufacturer into a larger shareholding, as well as committing a further CHF75 million to the company plus a CHF50 million for mergers and acquisitions.
The latest move by FEFAM, to back a company targeting a doubling in turnover this year and positive EBITDA in 2020, would reduce Leclanché’s debt by 65%, but will require shareholder support on December 11.
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