ScienceRocks
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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
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.
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.