Wanxiang beats JCI for A123 assets

Dec 10, 2012 | 02:20 PM | Daniel Fitzgerald

Tags  A123 Systems, Wanxiang America, Dave Vieau, Johnson Controls, Power Solutions, Alex Molinaroli, automotive batteries, 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 Wanxiang’s bid.
The deal includes A123’s 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., A123’s joint venture with Shanghai Automotive, Waltham, Mass.-based A123 said in a statement Sunday. ....





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