Chinese company wins bid for battery maker A123


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Posted Online: Dec. 09, 2012, 3:57 pm
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NEW YORK (AP) Bankrupt battery maker A123 Systems Inc. says it will sell most of its assets to the U.S. arm of Chinese auto parts conglomerate Wanxiang Group Corp. for $256.6 million.

Chicago-based Wanxiang America Corp. won an auction conducted under the supervision of the U.S. Bankruptcy Court. The deal includes facilities in Michigan, Massachusetts and Missouri, among other assets

A123's government business will be sold separately, for $2.25 million, to Navitas Systems, of Woodridge, Ill.

A hearing seeking the necessary court approval is scheduled for Tuesday.

Waltham, Mass.-based A123, which makes lithium ion batteries, was awarded a $249 million grant from the Department of Energy in August 2009 to help it build U.S. factories. About $130 million of that was delivered before the company fell victim to the lackluster electric car market.
















 



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  Today is Tuesday, Oct. 21, the 294th day of 2014. There are 71 days left in the year.

1864 -- 150 years ago: The weather is discouraging for our great Democratic rally tomorrow, but never mind that. Let our Rock Island people show they can make a big procession themselves, rain or shine.
1889 -- 125 years ago: Apparatus arrived for drilling an artesian well on the premises of George Warner's Atlantic Brewery.
1914 -- 100 years ago: The German army continued its attacks on the allies line near the Belgian coast.
1939 -- 75 years ago: The farm home of Mr. and Mrs. Gus Zachert northwest of Buffalo Prairie, burned to the ground.
1964 -- 50 years ago: WVIK-FM, noncommercial educational radio station at Augustana College, will return to the air tomorrow. The station operates at a power of 10 watts at 90.9 megacycles on the frequency modulation band. The station is operated with a staff of 92 students.
1989 -- 25 years ago: An avenue of lights, 13 Christmas trees strung with more than 44,000 sparkling lights, will expand the Festival of Trees beyond the walls of RiverCenter in downtown Davenport in mid-November.


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