30 Jan '13, 7pm

Report: A123 sale to Wanxiang Group approved by US government

Report: A123 sale to Wanxiang Group approved by US government

A123 Systems LLC Completes Acquisition of Substantially All Non-Government Business Assets of A123 Systems, Inc. Waltham, Mass.--January 29, 2013--A123 Systems LLC, a newly formed, wholly owned subsidiary of Wanxiang America Corporation, today announced that it has acquired substantially all of the non-government business assets of A123 Systems, Inc. Included in the acquisition, which has received approval from the Committee on Foreign Investment in the United States (CFIUS), are A123's automotive, grid and commercial business assets, including technology, products, customer contracts and U.S. facilities in Michigan, Massachusetts and Missouri; its manufacturing operations in China; and its equity interest in Shanghai Advanced Traction Battery Systems Co., A123's joint venture with Shanghai Automotive. Excluded from the acquisition is A123's Ann Arbor, Mich.-based governme...

Full article: http://green.autoblog.com/2013/01/30/a123-sale-to-wanxian...

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