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.