Hangzhou, Zhejiang (December 11, 2012) China Wanxiang Group is expected to successfully acquire US Lithium-ion battery manufacturers
A123 Systems Inc. Johnson Controls Co., Ltd. has withdrawn its competitive offer to acquire the assets of A123 in the bankruptcy auction.
A123 is headquartered in Waltham, Mass., and has battery production facilities in Romulus and Livonia, Michigan. The company filed an application for Chapter 11 bankruptcy protection in the United States Bankruptcy Court in Delaware District in October. Johnson Controls originally planned to purchase its assets for US$125 million.
Wanxiang Group, headquartered in Hangzhou, Zhejiang, put forward a competitive bid of US$257 million, and representatives of A123 announced on December 9 that they had accepted the quotation. Johnson Controls issued a press release expressing its withdrawal from the bid.
Alex Molinaroli, president of Johnson Controls's power system business unit in Glendale, Wisconsin, said: “Although A123’s vehicles and government assets complement the Johnson Controls portfolio, it is consistent with our long-term goals, but it’s universal. The bid has exceeded the value that these assets can bring to Johnson Controls."
Although A123, the first company in North America that specializes in the production of automotive lithium-ion batteries, declared bankruptcy, US companies’ interest in battery technology is still growing.
Lithium-ion batteries incorporate polymer films in each cell, and plastic materials are also widely used in structural parts, cooling systems, and electrical connections.
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