China Baoan Group announced on Tuesday that one of its subsidiaries has acquired 75% stake of Tianjin Tiecheng Battery Material, market sources reported. According to China Baoan's statement on Tuesday, its subsidiary BTR New Energy Materials Inc has acquired 75% of the Tianjin-based company for 15.19 million RMB. The acquisition is expected to help complete the product range and overall competitiveness of Shenzhen-based BTR New Energy, which is the largest anode material manufacturer of lithium ion battery in China and the third largest one in the world.
