A123 Systems LLC Completes Acquisition Of Substantially All Non-Government Business Assets Of A123 Systems, Inc.
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.
- Transportation— In addition to its market leading position in commercial vehicles and its strong global presence in passenger car high-voltage systems, A123 Systems LLC will capitalize on the increasing market opportunity for its technology in low-voltage applications, including start-stop microhybrid battery systems. The company is also committed to continue executing on previously announced customer agreements introducing next-generation vehicles to market, including the ActiveHybrid 3 and ActiveHybrid 5 HEVs from BMW, the Chevrolet Spark EV from General Motors, and the Roewe 550 plug-in HEV and Roewe E50 EV from Shanghai Automotive, China's largest automaker.
- Electric Grid— A123 Systems LLC will continue to focus on its mission to enable the transformation of energy production and delivery through its energy storage solutions and services that are designed to significantly improve the operational reliability, economic viability and efficiency of electric power grids.
- Lead-Acid Replacement— A123 Systems LLC will continue to service key strategic customers by supplying lithium ion battery solutions designed to deliver higher performance, longer life and lower total cost of ownership as compared with traditional battery chemistries for industrial, commercial and consumer applications.
CONTACT: Media Contacts: Caroline Langdale 202-337-0808 firstname.lastname@example.org Dan Borgasano 617-972-3471 email@example.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV