The Detroit News reports that China's Wanxiang Group Corporation will acquire almost all of bankrupt A123 Systems Inc. for $256 million. The deal includes all of the American battery manufacturer's grid and commercial business assets as well as the company's facilities in Michigan, Massachusetts and Missouri. Meanwhile, Woodridge, Illinois-based Navitas Systems will purchase all of A123 Systems' government contracts for $2.25 million.
Previously, Johnson Controls was a leading bidder for the bankrupt EV battery manufacturer, but that company withdrew its bids from the bankruptcy auction after declining to match Wanxiang's highest bid.
Autoblog , A123 winning bid from China's Wanxiang prompts concern in Congress, A123 winning bid from China's Wanxiang prompts concern in Congress
