Komatsu in Acquisition of American Battery Solutions
November 19, 2023
Cleary Gottlieb is representing Komatsu Ltd. in its definitive agreement to acquire 100% of the shares of American Battery Solutions, Inc. (ABS) through its wholly owned subsidiary in the U.S., Komatsu America Corp.
The transaction was announced on November 19, 2023, and is expected to close on December 1, 2023, subject to the satisfaction or waiver of customary closing conditions. The financial terms of the acquisition were not disclosed.
Komatsu develops and supplies technologies, equipment and services for the construction, mining, forklift, industrial, and forestry markets. For more than a century, Komatsu has been creating value for its customers through manufacturing and technology innovation.
Founded in 2019, ABS develops and manufactures a wide variety of heavy-duty and industrial battery packs, using lithium-ion batteries for commercial vehicles, transit buses, and on- and off-road vehicles. ABS provides both standard and custom battery systems optimized to each customer’s needs. The acquisition of ABS will enable Komatsu to develop and produce its own battery operated construction and mining equipment, through the integration of ABS’ battery technology with Komatsu’s knowledge and network.
For more information, please see the press release here.