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The Boston Globe

Business

Chinese-owned firm completes A123 purchase

A Chinese-owned company completed its purchase of nearly all assets of bankrupt Waltham battery maker A123 Systems Inc. Tuesday, a day after winning approval for the deal from a federal oversight committee.

Wanxiang America Corp., the North American subsidiary of the Chinese auto parts conglomerate Wanxiang Group, said it was notified Monday that the Committee on Foreign Investment in the United States, or CFIUS, had cleared its purchase of A123. CFIUS is a secretive federal panel that scrutinizes foreign acquisitions of US businesses to protect national security.

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