Chinese company wins bid for battery maker A123 - 13 WTHR Indianapolis

Chinese company wins bid for battery maker A123

Posted: Updated:
  • HeadlinesHeadlinesMore>>

  • One dead & two houses burn in two alarm fire

    One dead & two houses burn in two alarm fire

    Sunday, April 20 2014 11:01 AM EDT2014-04-20 15:01:04 GMT
    Photo courtesy of Lasley familyPhoto courtesy of Lasley family
    The Indianapolis Fire department confirms that one person died in a two alarm fire on the near northwest side early Sunday morning.More >>
    The Indianapolis Fire department confirms that one person died in a two alarm fire on the near northwest side early Sunday morning.More >>
  • Eyewitness News wins 7 AP awards

    Eyewitness News wins 7 AP awards

    Sunday, April 20 2014 9:28 AM EDT2014-04-20 13:28:45 GMT
    WTHR Channel 13 Saturday was honored with seven first place awards from the Indiana Associated Press, including Best Newscast and Best Continuing Coverage.More >>
    WTHR Channel 13 Saturday was honored with seven first place awards from the Indiana Associated Press, including Best Newscast and Best Continuing Coverage.More >>
  • 70s return, cooler mid week

    70s return, cooler mid week

    Sunday, April 20 2014 9:26 AM EDT2014-04-20 13:26:29 GMT
    A glorious Easter Sunday is in store with abundant sunshine and temperatures climbing into the mid 70s. The wind will begin to shift out of the south today, allowing temperatures to rise ten degrees above normal.More >>
    A glorious Easter Sunday is in store with abundant sunshine and temperatures climbing into the mid 70s. The wind will begin to shift out of the south today, allowing temperatures to rise ten degrees above normal.More >>
NEW YORK -

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

Chicago-based Wanxiang America Corp. won an auction conducted under the supervision of the U.S. Bankruptcy Court. The deal includes facilities in Michigan, Massachusetts and Missouri, among other assets

A123's government business will be sold separately, for $2.25 million, to Navitas Systems, of Woodridge, Ill.

A hearing seeking the necessary court approval is scheduled for Tuesday.

Waltham, Mass.-based A123, which makes lithium ion batteries, was awarded a $249 million grant from the Department of Energy in August 2009 to help it build U.S. factories. About $130 million of that was delivered before the company fell victim to the lackluster electric car market.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Powered by WorldNow