Bankruptcy Judge Approves Sale Of A123 To Chinese Company
BOSTON (CBS) - The auction of A123 Systems of Waltham attracted interested buyers from all over the world.
Wanxiang, a subsidiary of a Chinese automotive part maker, will buy almost all of the assets of A123 for more than $256 million.
WBZ NewsRadio 1030's Anthony Silva reports
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A123 CEO David Vieau tellls me the deal provides A123 with stability, after a long period of uncertainty. He says Wanxiang has not only committed to fund this transaction, but it will continue funding the company going forward, to help build a job base.
Vieau says he expects the new owners to keep operations in the US. He says Wanxiang has many employees in North America, and 28 factories.
A123 has operations in Waltham, Hopkinton and Westborough.
Vieau says he's very confident that with a stronger balance sheet, there's opportunity for what he calls "good growth" for A123 Systems.
A123'S government and defense business will be sold to an American company.
