Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
dpa

HOME > dpa

Battery maker Varta expands production

November 04, 2019


Abstract : The strong demand for lithium-ion batteries, which are used for example to power wireless headphones, is accelerating the growth of battery manufacturer Varta.

The headquarters of battery manufacturer Varta in Ellwangen (Germany). (picture alliance/Sina Schuldt/dpa)

The strong demand for lithium-ion batteries, which are used for example to power wireless headphones, is accelerating the growth of battery manufacturer Varta. "To this end, we are investing massively in the expansion of our production capacities," CEO Herbert Schein announced in Ellwagen on Tuesday. The expansion is expected to cost between 95 and 110 million euros instead of the 75 to 90 million euros previously planned.

It was only at the beginning of September that Varta announced that it would expand production to more than 150 million cells per year by 2022. The background is the uninterrupted high customer demand in a market that is growing by more than 30 percent annually.

In the first nine months of the year, the S-Dax-listed company’s turnover increased by 22 percent year-on-year to 242.8 million euros. Adjusted earnings before interest, taxes, depreciation and amortization even increased by around two thirds to 63 million euros. Net income saw a similar sharp rise to 33 million euros.

Due to the positive business development, Varta also raised its annual forecast once again. Sales are now expected to increase to between 330 and 340 million euros this year, which is a 10 million euro increase in the target range compared to previous expectations.

 

Notice: No person, organization and/or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.


Scan the QR code and push it to your mobile phone

Keyword: Varta

Reading:

German battery group Varta raises outlook as demand continues

Varta wants to further increase investments

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial