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Home - by - January 30, 2013 - 10:15 America/New_York - 12 Comments

WA FREE BEACON

A123 Sale Approved

The sale of bankrupt electric-car battery maker A123 Systems to Chinese firm Wanxiang America has been approved by the necessary interagency panel.

The Hill reports:

The Committee on Foreign Investment in the United States (CFIUS) approved Wanxiang America’s purchase of A123 Systems’ automotive, energy storage, commercial and government operations for $256.6 million.

“The future is bright for A123. It is a company with exceptional talent and potential, and Wanxiang America is committed to its long-term success and the continuance of its U.S. operations,” Pin Ni, president of Wanxiang America, said in a statement.

CFIUS, an interagency panel led by the Treasury Department, has the power to negate deals with foreign firms if they harm national security. Some GOP lawmakers worried that was the case with the bid for Waltham, Mass.-based A123, and they lobbied CFIUS to block the transaction.

Long troubled, A123 filed for bankruptcy in October 2012. The company had received $133 million of a $249 million grant from the Department of Energy, and received $1 million from the federal government the day it filed for bankruptcy. After security concerns arose among some Republicans about the sale, A123 sought a lobbying firm earlier this month while securing the sale to Wanxiang.

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» 12 Comments

  1. Boobie the Rocket Dog

    January 30th, 2013

    Because I gotta!–

    Everybody Wanxiang Tonight!

    http://www.youtube.com/watch?v=E7Kre4_fFek
    .

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  2. Stirrin the B.S.

    January 30th, 2013

    No conflict of interest here, naaah, nothing to see here, move along.

    Thumb up +2

     
  3. Dr. Tar

    January 30th, 2013

    Al Gore could tell them. Selling your failing company to a despotic country is as easy as 123.

    I bet Al starts a new career in informercials on flipping your failed government pork fed corporation. Or he could become a consultant on how to find the best deal from the worst foreign potentate.

    There’s going to be a lot of these in the near future.

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  4. Dr. Tar

    January 30th, 2013

    Chinese Fire Sale – Evehything must go!

    Thumb up +6

     
  5. Sapper Chris

    January 30th, 2013

    CRAZY TALK-*tightens foil helmet* Does this strike anyone else as something that sounds very planned? Seems the chinese are collecting hard assets on the debts owed and our corruptocrats are distracting us from really noticing. Of course, I may just have been in the rabbit hole too long this morning but all these events seem to be gears moving in line with a larger machination.
    I may be paranoid, but that doesn’t mean they aren’t REALLY out to get me.

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  6. thirdtwin

    January 30th, 2013

    China,by virtue of its Treasury purchases, is already heavily invested in Obama’s fascist ventures. Why not go ahead and make it official?

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  7. 123321123321

    January 30th, 2013

    Obama just recently made it ‘legal’ for the Chinese to buy American businesses and bring Chinese Nationals to work in those businesses in the USA.

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  8. eternal cracker p

    January 30th, 2013

    I guess the warranty for my A123 batteries is no longer valid.

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  9. Cruisin' Cat

    January 30th, 2013

    “a company with exceptional talent and potential”
    not to mention an unlimited supply of slave labor.

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  10. MNHawk

    January 30th, 2013

    The Chinese wouldn’t be buying what they could if the American people hadn’t already declared they were for sale.

    I’m not blaming the Chinese for looking out for themselves. I blame the American people who sold themselves to a willing buyer.

    Get used to it.

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  11. F.D.R. in Hell

    January 30th, 2013

    I hope the takeover of America won’t be fought between Guandos vs. Scimitars, but it’s not looking too good from this vantage point.

    :-(

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  12. BurglarBomb

    February 10th, 2013

    Thanks for the Nice information . Can someone suggest a good book on it? BurglarBomb.com

    Thumb up 0