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Arcadium Lithium Plc (NYSE:ALTM) shares are trading lower Monday after the company announced that it acquired the lithium metal business of Li-Metal Corp.
What To Know: Arcadium Lithium announced the acquisition of the lithium metal business of Li-Metal Corp for $11 million in cash. The all-cash transaction includes the intellectual property and physical assets related to lithium metal production, including a pilot production facility in Ontario, Canada.
Li-Metal’s co-founder and chief technology officer Maciej Jastrzebski entered into a consulting agreement with Arcadium Lithium to facilitate the transfer of technology and integrate key personnel that will be joining Arcadium as part of the transaction.
“This small but important acquisition gives us a platform to advance new and better process pathways for manufacturing lithium metal. The ability to produce lithium metal from lithium carbonate will give us additional flexibility to utilize our vertically integrated network of assets while reducing the need for third-party lithium metal,” said Paul Graves, president and CEO of Arcadium Lithium.
“This will further enhance the competitiveness of our butyllithium and lithium specialty chemicals business and help us create the scale needed to meet the growing demand for next generation battery materials developed from lithium metal.”
Arcadium Lithium uses lithium metal to manufacture lithium specialty products, including high purity lithium metal and a proprietary printable lithium metal formulation for primary battery applications and next-generation batteries.
ALTM Price Action: Arcadium shares were down 8.74% at $2.61 at the time of publication, according to Benzinga Pro.
Photo: Dean Simone from Pixabay.
Posted In: ALTM
