The federal government has approved the purchase of a struggling Waltham-based company, according to Boston Business Journal.
Wanxiang Group Corp has announced that the feds had approved its $257 million purchase of A123 Systems, a Waltham-based battery manufacturer.
Previously, Johnson Controls announced it was purchasing the company for $125 million, but they lost the deal after the Chinese firm more than doubled that offer, according to the Wall Street Journal.
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The announcement comes in the wake of the company recently filing for bankruptcy and a massive recall, according to the BBJ.
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