Chinese company wins bid for US battery maker A123

Chinese company wins bid for US battery maker A123

Bankrupt battery maker A123 Systems said it will sell most of its assets to the US arm of Chinese auto parts conglomerate Wanxiang Group Corp. for US$256.6 million.

Wanxiang America won an auction conducted under the supervision of the US Bankruptcy Court for the District of Delaware.

A123’s government business will be sold separately, for US$2.25 million, to Navitas Systems, of Woodridge, Illinois.

via Business feed http://www.scmp.com/business/companies/article/1102012/chinese-company-wins-bid-us-battery-maker-a123