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.
- 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.
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