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Chinese Buyout of US Battery Maker A123 Raises Concerns
Saturday, August 11, 2012 2:50
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A Chinese company is looking to buy a struggling US battery maker. Michigan-based A123 Systems said on Wednesday that it's looking at a deal with China's Wanxiang Group Corporation. If the deal goes through, Wanxiang would pay $450 million for up to 80% of A123. But it's not just about the money. A123 has US military contracts worth about $20 million. That makes it a potential security issue–and requires US government approval first. And many conservative US lawmakers have criticized the proposal. In 2009, A123 got nearly $250 million in federal clean energy grants to develop new technology and build facilities. But that technology–and America's competitiveness, critics say—could be transferred to China with the deal. For more news and videos visit ☛ english.ntdtv.com Follow us on Twitter ☛ http Add us on Facebook ☛ on.fb.me
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2012-08-11 02:41:05
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