Nissan has announced it will sell its Sunderland-based battery business, in a move that will preserve every job at its North East site.
The company has entered into a definitive sale and purchase agreement with GSR Capital (GSR), a private investment fund, for the sale of Nissan’s electric battery operations and production facilities.
Staff at all facilities covered by the deal, including the plant at Sunderland, will continue to be employed by the new owner after the deal.
Hiroto Saikawa, president and chief executive officer of Nissan, said: “This is a win-win for AESC and Nissan. It enables AESC to utilize GSR’s wide networks and proactive investment to expand its customer base and further increase its competitiveness.
"In turn, this will further enhance Nissan’s EV competitiveness. AESC will remain a very important partner for Nissan as we deepen our focus on designing and producing market-leading electric vehicles.”
Sonny Wu, chairman of GSR Capital, added: “The acquisition of AESC represents an important step for us in the new energy vehicle industry chain.
“We plan to further invest in R&D, expand existing production capacity in the U.S., UK and Japan, and also establish new facilities in China and Europe, enabling us to better serve customers around the world.
“With these capabilities and plans added to the battery business’ already skilled workforce, high technical capabilities and proven product-quality track record, we will be in a very good position for growth.”