Wednesday, January 30, 2013
A123 systems now has a new owner.
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. The announcement comes in the wake of the company recently filing for bankruptcy and a massive recall, according to the BBJ.
Tuesday, October 16, 2012
Waltham firm in big money trouble.
Johnson Controls has announced it will purchase Waltham-based A123 Systems for $125 million in the wake of the local company announcing it has filed for bankruptcy, according to WCVB-TV. The development comes one day after A123 Systems, which makes high-tech car batteries, announced it would likely file for bankruptcy protection, according to WCVB-TV.
Waltham firm is in major trouble.
Waltham-based A123 Systems says it will likely default on some of its debt and seek bankruptcy protection soon, according to the Washington Post. The news comes after the company received a $450 million loan from a Chinese company two months ago, according to the Post. A123 manufactures high-tech car batteries. The company, which received millions in federal funding to build a factory in the United States, has faced challenges since batteries it supplied to another company were recalled, according to Business Week.