BATTLE CREEK, Mich., April 20 /PRNewswire/ — Toda America, Inc. today officially broke ground for its first U.S. manufacturing facility to produce lithium ion cathode materials for battery cells for electric drive vehicles. The new $70 million facility is being built on an 18 acre brownfield redevelopment site in Battle Creek, Michigan. This project is supported by a competitive grant awarded to Toda by the DOE under the Recovery Act – Electric Device Vehicle Battery and Component Manufacturing Initiative. Toda America is now a joint venture between Toda Kogyo Corp. and ITOCHU Corporation through a transaction completed last month.
Toda America plans to build its manufacturing plant of cathode materials for lithium-ion batteries in step-wise fashion to meet the demand of its battery manufacturing customers located in Michigan and nearby states. Phase 1 is scheduled for operation in 2011, and Phase 2 expansion is expected to be completed in 2013, reaching its full manufacturing capacity of 4,000 tons of finished product per year. The total sales volume based on the full capacity operation at the facility will be around $130 million. The project is expected to add 50-60 direct new high-tech manufacturing jobs, and up to a total 148 new jobs including 91 indirect jobs according to the MEDC.
“This is an important manufacturing investment in our quest to maintain our global leadership as the premier supplier of battery materials around the world, and now as a key local supply chain partner to the rapidly growing U.S. battery industry,” said Tadashi Kubota, Managing Director of Toda Kogyo Group.
In parallel with the Award Contract with DOE, the Toda America project is supported by the State of Michigan and the City of Battle Creek with economic development incentives related to high-tech jobs creation and brownfield redevelopment. ITOCHU Corporation, a global trading company, brings additional strengths to the venture, providing expertise in management, finance, and sales; complementing Toda’s strengths in R&D and manufacturing.
About Toda Kogyo Corp.
Toda Kogyo Corporation is a global leader in solid state chemistry of advanced materials like high-quality iron oxides, numerous other inorganic compounds and built-to-specification products including cathode materials key to the advancement of battery systems. Toda Kogyo Corp. has backward integrated into unique nanoscale synthesis technologies in order to control quality of the whole supply chain and to build a business on providing materials, research and solutions to many of the world’s top companies. www.todaamerica.com and www.todakogyo.co.jp.
About ITOCHU Corporation
ITOCHU Corporation is a leading global trading company with a diversified line of businesses in consumer and industrial products and services. Focused on strategic growth sectors including energy and environment, ITOCHU Corporation brings its extensive global business experience in management, finance, trading and sales to technical business partners worldwide. www.itochu.co.jp/en/
This press release contains certain estimates and other forward-looking statements (as defined under Federal securities laws) regarding Toda’s performance, including future performance, products or other events or developments that Toda expects to occur or anticipates occurring in the future. All such statements are based upon current expectations of Toda and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement.
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Source: Toda America, Inc.
CONTACT: David Han of Turtlerock Greentech LLC, on behalf of Toda
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Web Site: http://www.todaamerica.com/