I found this article particularly interesting since many of these sorts of “bailouts/buyouts” have occurred through Chinese channels. So I ask you this. Do you see this as they are out to take us over and our technology as well, considering their factories are already in China? Or is this one more representation that there just may be a method to their madness in preserving some sort of control of essential resources that keep the world running currently, maybe with the intention to keep Cabal puppeteers from controlling these avenues? Just a thought…
December 08, 2012|By Julie Wernau | Tribune reported
Chinese firm Wanxiang emerged as the winning bidder of bankrupt battery-maker A123’s assets after a days long auction that lasted until nearly 4 a.m. Saturday.
The sale of A123, which was awarded a $249.1 million federal grant and tens of millions of dollars 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 the foreign firm.
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, Ill., said Charles Gassenheimer, president of Carnegie Hudson Resources Capital, a New York private equity firm and strategic advisor to Wanxiang.
A source close to the deal said the purchase price was about $250 million. Wanxiang excluded from the purchase A123’s U.S. government and military contracts. The idea behind that move was to blunt concerns raised by politicians and a military group that that sensitive technology was slipping away from the U.S. and into foreign hands.
Another company, Navitas Systems, a spinoff of MicroSun Technologies, purchased those assets, he said.
Gassenheimer said the bidding was close but that ultimately Johnson Controls said it would be forced to cut jobs in Livonia, Michigan, where Massachusetts-based A123 operates a factory half-funded with government grants. A123 also has facilities in China and Korea.
Wanxiang said it would not lay off workers, and Pin Ni, president of Wanxiang’s U.S. arm, previously told the Tribune that his company would nurture A123 over the long haul, absorbing losses for five or 10 years if necessary.