WANXIANG WINS CFIUS APPROVAL TO BUY BANKRUPT BATTERY-MAKER A123
(The following is a reformatted version of a press release issued by Wanxiang America Corporation and received via electronic mail. The release was confirmed by the sender.)
Wanxiang America Receives Approval from CFIUS to Acquire Substantially All Non-Government Business Assets of A123 Systems
Elgin, Illinois--January 29, 2013--Wanxiang America Corporation today announced that it has received approval from the Committee on Foreign Investment in the United States (CFIUS) to complete its acquisition of substantially all of the non-government business assets of A123 Systems, Inc.
“We’re pleased the government has completed its review and provided us with the go-ahead to finalize this transaction,” said Pin Ni, President of Wanxiang America. “The future is bright for A123. It is a company with exceptional talent and potential, and Wanxiang America is committed to its long-term success and the continuance of its U.S. operations. Wanxiang America looks forward to closing the transaction and to continuing to foster the technologies A123 has worked so hard to develop.”
About Wanxiang America Corporation Based outside of Chicago, Wanxiang America has been in the automotive, industrial and clean energy technology markets in the U.S. since 1994 and has a long and successful record of investing in and expanding U.S. manufacturing operations. Wanxiang America currently has more than 3,000 employees in the U.S.
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