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 – TOPPAN Holdings Inc. (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 CO? 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
Company name To be determined
Location Sweden
Representative To be determined
Business Manufacturing and sales of packaging for lithium-ion batteries used in automobiles
Date of establishment January 2025 (planned)
Launch of manufacturing Fiscal 2026 or later (planned)
Ownership Toyo Seikan 51%, TOPPAN Holdings 49%
Capital To be determined
Total investment Approximately ¥11 billion (planned)

Schedule
Signing of joint venture agreement August 2024 (planned)
Establishment of joint venture January 2025 (planned)
Launch of operations Fiscal 2026 or later (planned)

Future
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/