Finnish Minerals Group to acquire a 70% stake in IONCOR from Valmet Automotive.

Finnish Minerals Group, which manages the State’s mining industry shareholdings, agreed to acquire a 70% stake in IONCOR, an European supplier of battery systems for electrified vehicles, from Valmet Automotive, company which specializes in e-drive engineering, paired with manufacturing expertise. Financial terms are not disclosed. “FMG’s strategic objective is to develop a responsible battery value chain in Finland and to drive the creation of a new industry and expertise in the country. IONCOR fits perfectly with our special mission and strategy, as battery engineering and battery system manufacturing are an essential addition to our portfolio downstream in the domestic battery value chain,” Matti Hietanen, FMG CEO.