January 29, 2013 19:00Source: A123 Systems LLC
WALTHAM, Mass., Jan. 29, 2013 (GLOBE NEWSWIRE) — A123 Systems LLC, a newly formed, wholly owned subsidiary of Wanxiang America Corporation, today announced that it has acquired substantially all of the non-government business assets of A123 Systems, Inc. Included in the acquisition, which has received approval from the Committee on Foreign Investment in the United States (CFIUS), are A123’s automotive, grid and commercial business assets, including technology, products, customer contracts and U.S. facilities in Michigan, Massachusetts and Missouri; its manufacturing operations in China; and its equity interest in Shanghai Advanced Traction Battery Systems Co., A123’s joint venture with Shanghai Automotive. Excluded from the acquisition is A123’s Ann Arbor, Mich.-based government business, including contracts with the U.S. military.
“We are excited to add A123 Systems to our growing portfolio of companies as we continue to expand on our strategy of investing in the automotive and cleantech industries in the U.S.,” said Pin Ni, president of Wanxiang America. “A123 will continue to offer cutting-edge technology for vehicle electrification and grid-scale energy storage, strong manufacturing and systems engineering capabilities and a world-class R&D team. Wanxiang America will continue to foster the technologies A123 has worked so hard to develop, and we believe this combination positions A123 for long-term success. We’d also like to thank Dave Vieau for his years of dedication and service to A123.”
A123 Systems LLC will leverage its industry-leading research and development capability to bring innovations at the chemistry, cell and system level to market while also ramping up manufacturing at its facilities in Michigan and Massachusetts to meet demand from customers in three core business areas: transportation, electric grid and lead-acid replacement. In addition, A123 will continue operating its existing manufacturing facilities in China.