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VARTA Sells Micro Battery Business
VARTA AG, Europe's biggest automotive battery maker, has signed an agreement with VEG Beteiligungs GmbH and Buy-Out Beteiligungs-Invest AG. VEG and Buy-Out, both Austrian entities, are expected to take over Varta's micro battery business unit as of the end of 2006 for a sum of about €30 million, subject to competition authorities and the approval of a VARTA EGM. In 2005, the business achieved sales of around €130 million.
VARTA Microbattery GmbH holds a leading position in the rechargeable micro and hearing aid batteries market.
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