139-year-old German battery maker files for bankruptcy

Varta, the 139-year-old German company that produces batteries for products ranging from wireless earbuds to home energy storage systems, has filed for bankruptcy amid financial difficulties.

The bankruptcy process reportedly accelerated after the company lost one of its largest customers, Apple, which plans to source rechargeable CoinPower button-cell batteries used in AirPods from suppliers in China instead of Varta. The company's shareholders also declined to provide additional financing.

Among Varta's shareholders, Porsche AG and Austrian investor Michael Tojner refused to inject further capital into the company, prompting the launch of bankruptcy proceedings.

The name VARTA is derived from the initials of the German words:

• Vertrieb (Distribution / Sales)

• Aufladung (Charging)

• Reparatur (Repair)

• Transportabler (Portable)

• Accumulatoren (Accumulators / Batteries)

Source: Reuters / Habertürk