Chinese firm Wanxiang wins bidding to acquire battery-maker A123

[ScienceRocks]

Chinese firm Wanxiang wins bidding to acquire battery-maker A123

Purchase offer excludes bankrupt company's U.S. government and military contracts

Chinese firm Wanxiang wins bidding to acquire battery-maker A123 - chicagotribune.com

Chinese firm Wanxiang emerged as the winning bidder of bankrupt battery-maker A123's assets in an auction that ended Saturday.

The sale of A123 Systems, which was awarded a $249 million federal grant and tens of millions in tax credits from Michigan, has been the subject of intense political debate, with military leaders and politicians arguing that U.S.-funded technology should not be transferred to a foreign company.

At the auction held in Chicago, Johnson Controls Inc. of Milwaukee and NEC Corp. of Japan teamed up in an unsuccessful effort to top the bid of Wanxiang Group Corp., a Chinese auto parts maker whose North American headquarters is in Elgin, said Charles Gassenheimer, president of Carnegie Hudson Resources Capital, a New York private equity firm and strategic adviser to Wanxiang.

Within the next 5 years China is going to be eating our lunch. There will come a time that we really will want to stop the sale of our nation to China.

 

[Lakhota]

Too late. Learn Chinese.

 

[Mad Scientist]

Too late. Learn Chinese.

As long as we still have the Constitution it's never too late. We have to wrestle our Gov't back from the Bankers who hijacked it.

 

[Old Rocks]

Really? Better learn Chinese. Because the banks too will be owned by the Chinese, if the present trend continues.

We have had a habit of selling our technology to asia just before it becomes a manufactuable product. The VCR was one excellant example.

Now the only thing holding back EV's around the world is a battery of adaquete power. And the nation that controls the patents on that will become vastly richer very rapidly. China knows a good deal when they see it.

 

[Mad Scientist]

Really? Better learn Chinese. Because the banks too will be owned by the Chinese, if the present trend continues.

We have had a habit of selling our technology to asia just before it becomes a manufactuable product. The VCR was one excellant example.

Now the only thing holding back EV's around the world is a battery of adaquete power. And the nation that controls the patents on that will become vastly richer very rapidly. China knows a good deal when they see it.

You should be HAPPY OldRocks. That plant closing means fewer Greenhouse Gasses.

 

[Unkotare]

Really? Better learn Chinese.

Not a bad idea, but not for the Chicken Little reasons being squeaked about here.

 

[uscitizen]

MOst of America is eager to sell itself off to foreign interests.

 

[RoadVirus]

Great...another Green Industry FUBAR by Obama. And this one's a double hit. It's a taxpayer-funded failure and our military contracts (national security) will fall into CHICOM hands.