Photo: A123 Systems Inc.
The first thing that came to mind, for most Americans, when hearing about the Wanxiang takeover of battery manufacturer A123 Systems, were the many government contracts the company was involved in, and this lead to national security concerns, for some.
However, now, Wanxiang Group wants to make it clear that they will be keeping the company as it is - an American company, which will be run and governed in the same manner as it has been, until the bankruptcy filing. However, as A123 CEO David Vieau says, the fears are unfounded, especially considering the fact that they have been manufacturing batteries in China, for the last six years.
Furthermore, as we previously reported, Wanxiang did not get A123’s government contracts, which were sold off separately.
Johnson Controls, the other major company interested in buying out A123, is still hoping to gain control of the battery manufacturer, if the US government does not approve the deal with Wanxiang - they were outbid by the Chinese by $6 million, who ended up paying $256 million to seal the deal.
Story via autoblog.com
Furthermore, as we previously reported, Wanxiang did not get A123’s government contracts, which were sold off separately.
Johnson Controls, the other major company interested in buying out A123, is still hoping to gain control of the battery manufacturer, if the US government does not approve the deal with Wanxiang - they were outbid by the Chinese by $6 million, who ended up paying $256 million to seal the deal.
Story via autoblog.com
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