August 09, 2012. The Detroit News (Washington, D.C.) – Struggling battery maker A123 Systems Inc. — with nearly 800 employees in Michigan — said it reached a deal with a Chinese auto parts company for an investment of up to $450 million that could keep the company in business – and will likely see the Chinese firm acquire a majority stake in the battery maker.
Waltham, Mass.-based A123 reached a deal with Wanxiang Group Corp. that will allow the Chinese firm to acquire an 80 percent stake in A123.
A123 has won about $500 million in grants and other support from state and federal governments – including $238 million from the state of Michigan and a $249 million Energy Department grant as in August 2009 as part of the $800 billion stimulus.
A123 in April received a two-year extension on its deadline to spend the rest of the $249 million grant.
The money was to be used for the construction of new lithium-ion battery manufacturing facilities in Michigan. A123’s Livonia plant opened in 2010, and its Romulus plant opened last year. The company has $120 million left of the $249.1 million grant.
In an interview, A123 CEO David Vieau said the company has had preliminary talks with the Energy Department about the Chinese financing, but he said he expected A123 would be able to use the remaining funds “to build factories and create American jobs.”
He also said he expected A123 would continue to operate as a standalone company for the time being and pointed to Wanxiang’s track record in the U.S.
China has made growing its battery industry a big priority, while support in Congress for additional incentives for battery makers has slowed amid concerns about the strength of the electric vehicle market.
A123 said Wednesday its net loss widened in the second quarter to a larger than expected $82.9 million, up from $55.4 million in the same quarter last year.
Founded in 2001, A123 has lost about $600 million since 2008 and its stock price has fallen 91 percent over its 52-week high amid questions that it would run out of cash. With a market value of $70 million, A123 was recently trading at $0.48 a share, up 2 percent, or $0.01.
A123 faced a series of problems, including layoffs and the recall of some batteries for safety concerns along with a cash crunch.
In the face of struggling electric auto sales, A123 said in May there was “substantial doubt” about the company’s viability.
Wanxiang is China’s largest auto parts company and one of its largest private firms. It is the second largest owner of Guangzhou Automobile, China’s most profitable domestic car company, which has joint venture partnerships that include Honda Motor Co, Toyota Motor Corp and Fiat Corp.
Wanxiang’s proposed investment in A123 “is intended to create the capital structure necessary for the company to continue growing its core businesses, and alignment with Wanxiang is also expected to substantially strengthen A123’s access to the growing vehicle electrification and grid-scale energy storage markets in China,” A123 said.
Done deal now. US approves Wanxiang’s purchase of A123 A US government panel has approved the purchase by China’s biggest auto parts maker, Wanxiang Group, of nearly all the assets of A123 Systems Inc, a Massachusetts-based maker of electric-car batteries that declared bankruptcy last year. Ni Pin, president of the Chinese company’s US subsidiary, Wanxiang America, said company lawyers were working on final details of the $257 million deal at a court-supervised bankruptcy auction in December. Regarding the decision by the Committee on Foreign Investment in the United States, or CFIUS, Ni said in an interview: “Symbolically, it is a… Read more »
万向收购A123月底敲定 被收购方员工罢工
http://auto.sina.com.cn 2013年01月25日 07:13 新浪财经 徐雯 字号:大 中 小
1月24日消息,万向集团收购美国A123公司的消息还未正式敲定,A213中国独资公司、常州高博能源材料有限公司(以下简称“高博能源”)的员工已炸开了锅。由于担心公司被万向收购后出现减薪、裁员等诸多变化,员工通过罢工以示抗议,希望公司买断工龄来解决。
万向收购A123结果最迟2月初将敲定
此前,美国电池厂商A123公司由于经营不善等问题导致其于2012年8月在美国申请破产保护。A123是美国专业开发、生产磷酸铁锂电池动力电池的高科技企业。
此后,A123进入法院拍卖环节,本来美国方面是想美国江森拍得从而将A123留在本土内,但是却没料到中国万向集团最终竟以2.6亿美元、A123资产两倍多的价格举牌并竞拍成功。
根据万向与A123两者的收购协议公告,万向将收购A123旗下除涉及军方订单外的所有技术、资产、产品和客户合同以及其在中国的制造业务。
随后,美国一些知名议员以及德国西门子等大公司因“威胁国家安全”等诸多理由出面反对这笔交易,目前交易结果正处于美国外资审查委员会的审查程序中。
今天,万向集团媒体公关部某员工向新浪财经表示,由于收购程序均是由万向在美国的子公司一手操办,因此他们对具体细节并不是特别清楚。但他透露,收购结果将在今年1月底出炉,最迟期限为2月2日。
A123中国公司员工罢工以抗议
今天,网络上曝出来自“A123中国区全体员工”的一封公开信,称由于不满公司对员工的安置和赔偿,目前公司的全部员工正处于罢工状态。
“美国A123现在将被中国万向集团收购,万向美国收购将于本月正式确定。收购后A123中国将会由万向中国统一管理,这样外资就变成民营企业了。”这封信这样解释了员工的罢工原因。
新浪财经向高博能源的一位员工陈某求证,他证实了这一消息,称“我们现在是放假状态。”陈某强调,员工罢工是因为对未来的不确定,并且目前员工与万向之前没有交流沟通的渠道,“我们不知道未来的万向会如何处理,也许会裁员,也许会减薪,鬼知道。”
尽管中国高博能源一名副总裁向员工解释称,美国高博公司破产不代表中国高博破产,中国高博没有任何的改变,因此不需要给员工支付赔偿金,但是员工显然不吃这一套。
“员工的诉求很简单,我们认为公司的经营方实质上已经改变了,它从一家美国独资企业,变成了一家中国的民营企业,并不是美国人(上诉副总裁)说的什么都没有变化,”陈某说,公司员工目前希望公司能以买断工龄的方式,解决这次的事件。(徐雯 发自上海)
中国批准万象并购美国电池制造商A123计划
路透社12月5日报道 中国政府已经批准了万象集团(中国汽车零件制造商)购并破产的美国电池制造商A123系统公司的计划,但该交易仍然需要等待下月拍卖会的结果,还需要获得美国政府的批准。
A123系统公司是电动车用锂电池生产商,10月递交了破产保护申请,计划向江森自控出售其电池业务,售价为1.25亿美元(7.79亿元)。
该交易还需等待下月的拍卖会上是否有其它更优惠的报价出现。万象称其计划投价竞拍。
主管中国公司大宗海外购并的中国发改委周五公告称,已经批准了万象的竞标计划。
但任何交易还必须获得美国政府的批准,因为公司曾经获得能源部2.49亿元的奖励拨款。
共和党参议员John Thune和Chuck Grassley对万象试图购并A123系统公司的电池业务提出了异议,称军事经费和纳税人税款支持的技术不允许落入外国人手中。