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  • Oct 11th 2013 at 10:37AM
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A123 Systems, the lithium-ion battery maker that was acquired out of bankruptcy in January, has promoted Jason Forcier to chief executive officer and said it would attempt to build up its business by attracting more China-based customers, Reuters reports. The company also said its executives would be based at the company's factory in Livonia, MI. Forcier had previously headed A123's auto division.

China-based Wanxiang Group bought A123's assets for about $257 million in January after the buyout was approved by the US government and concerns that US battery-technology trade secrets would be leaked to China were overruled. A123, whose customers include General Motors, BMW and China-based SAIC Motor Corp., had received about $249 million in US Department of Energy grant funding. Even so, the company filed for Chapter 11 protection in October 2012, citing lower-than-expected sales from companies such as extended-range plug-in vehicle maker Fisker Automotive (which was also blaming A123). That company hasn't produced a car in more than a year.

US-based Johnson Controls was expected to be the lead bidder for A123's assets last year, though Wanxiang eventually won out. Wanxiang generates about $1 billion a year in revenue selling parts to Ford and General Motors, and has invested in about two-dozen US companies, a Congressional report says.

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    • 1 Second Ago
      • 1 Year Ago
      China can't even make finger nail clippers that don't break. Not a good sign.
        • 1 Year Ago
        China made the computer you are using now. And every single one everyone else is using.
      • 1 Year Ago
      A123 might try something crazy like sell their product to those who want to buy it... So far they have refused all sales to anyone but the biggest companies and those big companies squeeze the price. Of course you can get the toy store prices and pay 4x the price. Then you are welcome to the batteries but the mindless beasts never stop to realize that no one can make a business with those prices. They are so stupid it's incredible.
        • 1 Year Ago
        Did Giza also get banned and you had to create another new account?
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