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 Thursday, Oct. 2, the 275th day of 2014. There are 90 days left in the year.

1864 -- 150 years ago: The ladies have adopted the fashion of wearing representations of insects in the flowers on their bonnets. Some look very natural.
1889 -- 125 years ago: T.F. Cary, former Rock Island alderman, has accepted a position as salesman for a Chicago wallpaper house and plans to move to that city.
1914 -- 100 years ago: Work on the new telephone building on 18th Street between 6th and 7th avenues is progressing rapidly.
1939 -- 75 years ago: Rock Island's new theater at 3rd Avenue and 19th Street will have a name significant of its location. The "Rocket" is scheduled to open Thanksgiving Day.
1964 -- 50 years ago: Two of Rock Island's newest water towers were vandalized last night, including the one at 38th Street and 31st Avenue, where police took five Moline boys into custody about 9 p.m..
1989 -- 25 years ago: Some of us who live in the Quad-Cities take the Mississippi River for granted, or at least we used to. But the river is not taken for granted by our visitors. And most Quad-Citians are realizing the importance of the river to this area as increased emphasis is placed on tourism.







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