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Investing.com -- Scania, the Swedish truck manufacturer, has purchased the heavy industry business of Northvolt. The acquisition came after an agreement with the bankruptcy trustee of Northvolt, a battery maker that had been restructuring its debt under a Chapter 11 bankruptcy protection process earlier this year.
Northvolt had later declared bankruptcy in Sweden due to its inability to secure the necessary financial support for its operations. The bankruptcy proceedings, including the sale of the business and its assets and the settling of outstanding obligations, have been overseen by a trustee appointed by a Swedish court. The trustee recently permitted Northvolt to continue its operations, albeit at a reduced scale, following a principal agreement with key stakeholders.
The industrial division of Northvolt, which Scania has now acquired, manufactures batteries for various industries. These industries include material handling, construction equipment, and mining. The division operates production facilities, a research and development center, and employs a team of approximately 260 staff across sites in Gdansk, Poland, and Stockholm, Sweden.
Scania confirmed the acquisition in a statement on Friday, indicating that the agreement with the trustee ensures the continuation of operations.
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