Chinese Auto Parts Maker Buys A123 Systems
After A123 Systems filed for bankruptcy in October a number of companies looked to buy its assets. Now a sale to Wanxiang Group, a Chinese auto parts manufacturer, has been confirmed by the bankruptcy courts despite some concerns in Congress. According to the president of Wanxiang’s fast-growing American subsidiary, Pin Ni, the Chinese company plans to invest heavily in A123 Systems, “We are committed to making the long-term investments necessary for A123 to be successful.” To allay any national security concerns, the government division, was sold to Navitas Systems, an American company. Navitas' purchase includes: acquiring the A123 Systems Ann Arbor facility, its employees, plus another 11 engineers from A123's automotive business; patents held by A123 Systems' government unit; an undisclosed value of government contracts; and the ability to source cells and components from A123. Customers include the Department of Defense, Department of Energy and Department of Homeland Security.
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