Chinese company wins bid for battery maker A123 [View all]

[Omaha Steve]

Source: AP-Excite

NEW YORK (AP) - Bankrupt battery maker A123 Systems Inc. on Sunday said it will sell most of its assets to the U.S. arm of Chinese auto parts conglomerate Wanxiang Group Corp. for $256.6 million.

Wanxiang America Corp. won an auction conducted under the supervision of the U.S. Bankruptcy Court for the District of Delaware.

A123's government business will be sold separately, for $2.25 million, to Navitas Systems, of Woodridge, Ill.

A hearing seeking the necessary court approval of the sale is scheduled for Tuesday. The deal must also be okayed by the Committee for Foreign Investment in the United States, a federal inter-agency committee that reviews sales of U.S. companies to foreign owners. The company has about 2,000 employees.

FULL story at link.



Read more: http://apnews.excite.com/article/20121209/DA32GMVO2.html

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In this Thursday, Aug. 6, 2009, file photo, an A123 Systems Inc. high power Nanophospate Lithium Ion Cell for Hybrid Electric Vehicles battery is displayed in Livonia, Mich. Bankrupt battery maker A123 Systems Inc. on Sunday, Dec. 9, 2012, said it will sell most of its assets to the U.S. arm of Chinese auto parts conglomerate Wanxiang Group Corp. for $256.6 million. Wanxiang America Corp. won an auction conducted under the supervision of the U.S. Bankruptcy Court for the District of Delaware. (AP Photo/Paul Sancya, File)