Weifu High-Tech Group to acquire Borit from Finindus and PMV for €42.7m.

Weifu High-Tech Group, a Chinese state-owned and stock-listed automotive components manufacturer, agreed to acquire Borit, a manufacturer of fuel cell metal bipolar plates, from investment companies Finindus and PMV for €42.7m. With the acquisition of Borit, Weifu is able to quickly enter the metal bipolar plate fuel cell market which is in line with Weifu’s e-mobility strategy. Further, Borit shares a number of synergies with Weifu’s Denmark-based subsidiary IRD, a leading specialist in fuel cell membrane and graphite bi-polar plate products. The combination of Borit, IRD and Weifu’s fuel cell activities, will create the world’s leading independent player of single cell components, covering all relevant fuel cell and electrolyser technologies. In addition, Borit will benefit from Weifu’s footprint in China to serve its customers on a local for local basis in the future, as well as from Weifu’s industrial expertise in large volume production of automotive components.