Company briefs: Honda Motor

Honda Motor and South Korean battery maker LG Energy Solution will spend US$4.4 billion (S$6.2 billion) to build a battery plant in the US as the Japanese carmaker seeks to phase out fossil-fuel vehicles completely by 2040. The facility will have an annual capacity of about 40 gigawatt-hours with mass production slated to start at the end of 2025, Honda said in a company filing yesterday.

The duo will set up a joint venture this year in which Honda will hold a 49 per cent stake by investing US$1.7 billion. Construction is expected to start by early next year.

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Bayer

Bayer said the drug Kerendia has shown potential to significantly reduce sudden cardiac death among patients with chronic kidney disease and diabetes, a boost to its potential as a blockbuster medicine.

Fresh data from a late-stage trial shows that the drug can reduce all causes of death, particularly heart disease, among people with chronic kidney disease and Type 2 diabetes, regardless of the state of their kidney functioning.

Kerendia is already approved for treating patients with chronic kidney disease in Europe and countries including the US, Japan and China.

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Fortescue Metals

Fortescue Metals Group, Australia's third-largest iron ore miner, posted a 40 per cent drop in full-year profit, as record shipments for the year failed to offset steep declines in prices for the steel-making material amid an economic slowdown in China.

The Perth-based company reported underlying profit of US$6.2 billion (S$8.67 billion) yesterday, down from a record US$10.35 billion last year and almost exactly in line with average analyst projections. Still, the result was its second-highest profit on record.

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