A123 Systems, a car battery manufacturer, issued a statement confirming that China Wanxiang Group has won a bid for the company. However, if Wanxiang Group can swallow A123 smoothly, it still needs the approval of a bankruptcy court judge.
Only one step away from the dream come true
Sure enough, over the weekend, news from auction courts and competitors kept revealing and Wanxiang won. Yesterday, the news was finally confirmed: A123 announced that China Wanxiang Group’s bid of US$256.6 million was better than the United States Johnson Controls and Japan Electric’s joint bid. Previous military-related businesses that were previously questioned by US political circles were not included in the acquisition agreement.
However, according to A123, the transaction with Wanxiang Group must be approved by Kevin Carey, a bankruptcy court judge in Delaware, which plans to hold a hearing on the case on Tuesday. "It is no exaggeration to say that the competition behind A123's bankruptcy competition is the competition between the US and China's new energy vehicles. It's just that this point is not convenient for anyone to break through." National analysts for the CLUCC said that even in the United States, A123 is also a star enterprise. It is the benchmark company of the Obama administration's new energy stimulus policy. It is one of the best in the field of electric vehicle batteries and has received US$249 million in government funding. Although on the verge of bankruptcy, it is still the representative of the future of American automobiles.
Has been struggling to pursue A123 for many years
Lu Guanqiu's relationship with A123 began at the 2010 Shanghai World Expo. At that time, in order to find battery suppliers for electric cars, SAIC almost ran the battery manufacturers all over again. After the second to Wan Xiang, SAIC placed an order with Lu Guanqiu. This is not because the universal battery products have been perfect, but "there's no way to hydrolyze near thirst." "The best thing is the battery of A123." The senior executive of SAIC Group said inadvertently. Lu Guanqi secretly memorized this name, and confessed to Nu Ni, the son-in-law, to pay attention to the company in the United States.
In the past two years, Lu Guanqiu has repeatedly travelled between China and the United States and has been in contact with the electric vehicle industry in the United States to prepare for mergers and acquisitions one day.
In May 2012, affected by the recall of major customer Fisker, the A123, which had been struggling for months, was finally overwhelmed and the cash flow could not be maintained at all. At this time, Lu Guanqiu went to see David Weau, president of A123. The meeting finally led the two parties to sign a memorandum of cooperation in August 2012. It stated that China Wanxiang will invest 450 million U.S. dollars to acquire the shares of A123 Bacheng and realize the acquisition of A123. . However, after many months of hard work, A123 had to abandon its agreement with Wanxiang and declare bankruptcy protection. "We did not withdraw from the competition. After the assets were re-sorted, the A123 assets acquired by Wanxiang were more healthy." At the time, Wanxiang executives said in an interview with reporters. At present, A123 has set up a joint venture with SAIC to establish Shanghai Jiexin Power Battery System Co., Ltd., and its battery is used in the Roewe E50 that has just been listed.
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