Clariant AG (CLN.VX) Tuesday said its Süd-Chemie AG subsidiary and South korea-based LG Chem, Ltd. will establish a joint venture for high volume production of superior quality lithium iron phosphate.

MAIN FACTS:

- LFP is a cost effective, safe and eco-friendly cathode material for use in rechargeable lithium-ion batteries.

- Süd-Chemie, a member of the LFP licensing alliance with several years of experience in manufacturing and marketing LFP, expects to have synergy effects by creating a joint venture with LG, a world leading lithium-ion battery producer.

- The joint venture will lay the foundation for reliable sources of LFP with regard to the rapidly growing use of lithium-ion batteries for on-site energy storage, for instance solar energy and popular smart grid applications, and for electric and hybrid automobile drives.

- The joint venture will predominantly provide stable supplies of LFP to LG Chem, and also provide global leading battery company as a customer to Süd-Chemie.

-Zurich Bureau, Dow Jones Newswires, +41 43 443 80 47; zurichdjnews@dowjones.com

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