Chinese company wins bid for A123 Systems
$256.6 million deal needs US approval
Waltham battery maker A123 Systems Inc. said Sunday it plans to sell nearly all its assets to the North American arm of China’s largest auto parts manufacturer for $256.6 million, pending approval by the US Bankruptcy Court and federal government. What effect the new ownership, by Wanxiang America Corp., will have on A123’s business and jobs in Michigan and Massachusetts is unclear, but Wanxiang has said it is committed to keeping and growing the battery company’s US operations. A123 has about 1,000 US employees, including 300 in Massachusetts.