At a glance
- Company
- TOPPAN Holdings Inc. and Toyo Seikan Co., Ltd.
- Ticker
- TYO: 7911
- Announcement
- Partnership
- Location
- Sweden
Products and programs
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 24, 2024 -- Future
Illustration of lithium-ion battery packaging to be supplied by planned joint venture between
TOPPAN Holdings and Toyo Seikan
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.
Overview of the planned joint venture
Schedule
After establishing the joint venture, TOPPAN and Toyo Seikan aim to launch manufacturing operations in Sweden in fiscal 2026 or later. The two companies hope to contribute to carbon neutrality through the business of lithium-ion batteries for EVs.
About Toyo Seikan
https://www.toyo-seikan.co.jp/e/
About the TOPPAN Group
Established in Tokyo in 1900, the TOPPAN Group is a leading and diversified global provider committed to delivering sustainable, integrated solutions in fields including printing, communications, security, packaging, décor materials, electronics, and digital transformation. The TOPPAN Group’s global team of more than 50,000 employees offers optimal solutions enabled by industry-leading expertise and technologies to address the diverse challenges of every business sector and society and contribute to the achievement of shared sustainability goals.
https://www.holdings.toppan.com/en/
https://www.linkedin.com/company/toppan/
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In brief
TOPPAN Holdings and Toyo Seikan say they will sign a letter of intent to establish a joint venture in Sweden to manufacture and sell packaging for automotive lithium-ion batteries. The companies aim to begin manufacturing operations in fiscal 2026 or later. They say the venture is intended to strengthen supply in Europe, where demand for square battery cans is growing and automakers are seeking production closer to their operations for transportation efficiency. The companies previously formed T&T Enertechno in Japan in 2011 to make lithium-ion battery packaging for smartphones and electric vehicles. They also say the planned business could contribute to carbon neutrality through the supply of packaging for EV batteries.
Key takeaways
- The companies plan to sign an LOI for a Swedish manufacturing and sales joint venture.
- The venture would make packaging for automotive lithium-ion batteries, including square cans.
- Manufacturing operations are targeted for fiscal 2026 or later.
- The companies cite European demand and transportation efficiency as reasons for locating production in Sweden.
