Issue Date: December 24, 2012
Johnson Controls Still Wants A123
Johnson Controls has appealed the Dec. 11 auction sale of bankrupt battery maker A123 Systems to China’s Wanxiang Group. Johnson Controls, which like A123 makes lithium-ion batteries for the auto industry, had earlier struck a $125 million deal for the firm’s assets. Wanxiang bid $257 million for the firm, excluding contracts with the U.S. military. Although the stated purpose of Johnson Controls’ appeal is to recover its deal breakup fee of $5.5 million, the firm also wants to influence government officials who may try to intervene in the sale on the grounds of national security.
- Chemical & Engineering News
- ISSN 0009-2347
- Copyright © American Chemical Society