Wanxiang beats JCI for A123 assets
Dec 10, 2012 | 02:20 PM
| Daniel Fitzgerald
NEW YORK Wanxiang America Corp. will acquire nearly all the assets of battery manufacturer A123 Systems Inc. for $256.6 million, with Johnson Controls Inc. (JCI) declining to match Wanxiangs bid.
The deal includes A123s automotive, grid and commercial business assets, including all technology, products, customer contracts and U.S. facilities in Michigan, Massachusetts and Missouri; its cathode powder manufacturing operations in China; and its equity interest in Shanghai Advanced Traction Battery Systems Co., A123s joint venture with Shanghai Automotive, Waltham, Mass.-based A123 said in a statement Sunday. ....
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