Daimler acquires battery maker in ramped up focus on electric cars

Dieter Zetsche, Daimler AG CEO, speaks at the 84. Geneva International Motor Show in Geneva, Switzerland, Tuesday, March 4, 2014. (AP / Keystone, Sandro Campardo)

BERLIN -- Automaker Daimler AG is acquiring the remaining shares in a lithium-ion battery cell maker from specialty chemical company Evonik Industries AG as it intensifies its focus on electric cars.

The German companies said in a statement Tuesday that in addition to acquiring Evonik's 50.1-per cent stake in Li-Tec Battery GmbH, Daimler will also buy Evonik's 10-per cent share in their Deutsche ACCUmotive GmbH & Co. KG battery partnership. Daimler is now sole owner of both companies.

The companies say they agreed not to divulge financial details.

Li-Tec is based near Dresden and has some 380 employees. It develops, produces and distributes large lithium-ion battery cells, which are currently used in Daimler's Smart electric two-seater.

Deutsche ACCUmotive, a battery developer and producer, is based near Stuttgart and has 230 employees.