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May 20, 2013

Chinese Auto Parts Maker Buys A123 Systems

Varnum LLP
Bruce Goodman
Varnum LLP
Thursday, March 7, 2013
Bankruptcy & Restructuring / Corporate & Business Organizations / Environmental, Energy & Resources / Mergers & Acquisitions
All Federal / China
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After A123 Systems filed for bankruptcy in October a number of companies looked to buy its assets. Now a sale to Wanxiang Group, a Chinese auto parts manufacturer, has been confirmed by the bankruptcy courts despite some concerns in Congress. According to the president of Wanxiang’s fast-growing American subsidiary, Pin Ni, the Chinese company plans to invest heavily in A123 Systems, “We are committed to making the long-term investments necessary for A123 to be successful.” To allay any national security concerns, the government division, was sold to Navitas Systems, an American company. Navitas' purchase includes: acquiring the  A123 Systems Ann Arbor facility, its employees, plus another 11 engineers from A123's automotive business; patents held by A123 Systems' government unit; an undisclosed value of government contracts; and the ability to source cells and components from A123. Customers include the Department of Defense, Department of Energy and Department of Homeland Security.

© 2013 Varnum LLP

About the Author

Bruce Goodman
Partner

Bruce Goodman practices environmental law, energy law and construction law. His environmental expertise includes air quality permitting work, compliance counseling on air emissions, state and federal enforcement defense issues, and environmental management program development. His energy expertise includes negotiating numerous electric power sales agreements, both for wholesale sellers of energy and for retail consumers of energy, state rate cases, developing municipal energy tariffs, and energy project permitting....

bgoodman@varnumlaw.com
616-336-6743
www.varnumlaw.com/people/bruce-goodman/

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