China's Wanxiang Scores A123 Assets For $257M At Auction

Law360, Wilmington (December 10, 2012, 2:21 PM EST) -- Chinese auto parts giant Wanxiang Group Corp. has won the auction for bankrupt A123 Systems Inc.’s assets with a $256.6 million bid, while an American company agreed to take on the government-funded battery maker’s sensitive military contracts, A123 announced Sunday.

At an auction that began Thursday in Chicago, Wanxiang beat out a joint bid from Milwaukee-based Johnson Controls Inc. and Japan’s NEC Corp. for A123’s primary business segments, which make lithium ion batteries for electric vehicles, smart grid applications and small appliances, according to a statement...
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