Wanxiang Wins Approval To Buy A123

Author:China ESCN News     Source:ESCN     Click:238     Publish time:2013/1/30 10:49:42

Authorities with Wanxiang, a Chinese auto parts maker, on Tuesday confirmed that they had won approval from the U.S. government to proceed with its bid to purchase a bankrupt electric car battery maker.

The Committee on Foreign Investment in the U.S. (CFIUS), a group of government agencies chaired by the U.S. Treasury Department, has approved the sale of A123 Systems Inc., the lithium-iron battery maker with financing from the U.S. government, Pin Ni, head of Wanxiang U.S. subsidiary, told Xinhua Tuesday.

Wanxiang U.S. subsidiary is based in Elgin, Illinois.

A123 filed for bankruptcy in 2012 and was sold at an auction supervised by the U.S. Bankruptcy Court in Delaware.

Delaware Bankruptcy Court Judge Kevin Carey on Dec. 11 approved Wanxiang's purchase, which was made through an auction held in Chicago on Dec.6-7. Wanxiang won the bid over three other American companies. The deal excluded A123's contract with the U.S. military and government, as some U.S. military leaders and politicians worry that sensitive technology will slip from the U.S. into foreign hands.


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