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, July 31, the 212th day of 2014. There are 153 days left in the year.

1864 -- 150 years ago: A corps of surgeons now occupies the new hospital quarters at the Garrison Hospital on the Rock Island Arsenal. A fence has been installed to enclose the prison hospital.
1889 -- 125 years ago: B. Winter has let a contract to Christ Schreiner for a two story brick building with a double store front on the south side of 3rd Avenue just west of 17th Street. The estimated cost was $4,500.
1914 -- 100 years ago: Germany sent simultaneous ultimatums to Russia and France, demanding that Russia suspend mobilization within 12 hours and demanding that France inform Germany within 18 hours. In the case of war between Germany and Russia, France would remain neutral.
1939 -- 75 years ago: Civil service offices at the post office and the Rock Island Arsenal were swamped as more than 700 youths sought 15 machinist apprenticeships at the Arsenal.
1964 -- 50 years ago: Last night, American Legion Post 246 in Moline figuratively handed over the trousers to a female ex-Marine and petticoat rule began. Olga Swanson, of Moline, was installed as the first woman commander of the post .
1989 -- 25 years ago: The Illinois Quad City Civic Center captured the excitement and interest of a convention of auditorium managers this weekend in Reno, Nev. Bill Adams, civic center authority chairman, said the 10,000-seat arena planned for downtown Moline has caught the eye of construction firms, suppliers, management teams and concession groups.








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