News

2024/6/21

TOPPAN Holdings and Toyo Seikan to Sign LOI on Establishment of Joint Venture Manufacturing Packaging for Automotive Lithium-Ion Batteries in Europe

Manufacturing and sales company to be established in Sweden to strengthen supply capabilities for lithium-ion battery packaging and contribute to the growing electric vehicle market

Tokyo – June 21, 2024 – TOPPAN Holdings Inc. (TYO: 7911) (TOPPAN Holdings) and Toyo Seikan Co., Ltd. (Toyo Seikan) will sign a letter of intent (LOI) on the establishment of a joint venture that will manufacture and sell packaging for automotive lithium-ion batteries in Sweden. The joint venture will aim to launch manufacturing operations in fiscal 2026 or later.

Background
In 2011, TOPPAN Holdings and Toyo Seikan established T&T Enertechno Co., Ltd. as a joint venture manufacturing packaging for lithium-ion batteries used in smartphones and electric vehicles (EVs) in Japan.

EV sales are expanding globally as carbon neutrality is targeted, and efforts to promote the switch to EVs are underway in the European Union with the introduction of a CO₂ reduction target requiring all new cars to be zero-emission from 2035. This is driving demand for square cans used as packaging for lithium-ion batteries at European automakers, but due to considerations related to transportation efficiency, there are calls for production closer to where they are needed.

TOPPAN and Toyo Seikan will therefore sign an LOI on establishing a joint venture in Sweden to strengthen their supply of lithium-ion battery packaging.

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Packaging