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Li-ion maker International Battery shuts down
19 March 2012
Express-Times. Li-ion manufacturer International Battery (earlier post) shut down recently, citing its inability to turn a profit. The company said it would sell its assets and technology and use that money to pay creditors.
The Morning Call reported the company also owes Pennsylvania more than $2 million; state lawyers are initiating efforts to recover some of the debt.
State officials are also in discussions with the company regarding a project for which International Battery received an $800,000 grant in 2010. That project has not been completed.
March 19, 2012 in Brief | Permalink | Comments (4) | TrackBack (0)
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Too many competitive suppliers.
Posted by: Reel$$ | March 19, 2012 at 07:22 AM
Wrong place at the wrong time?
Posted by: HarveyD | March 19, 2012 at 08:16 AM
It looks like they were making packs for UPS systems and not vehicles. If you are in the wrong market, no amount of good will can carry you through.
Posted by: SJC | March 19, 2012 at 08:55 AM
" the company also owes Pennsylvania more than $2 million; state lawyers are initiating efforts to recover some of the debt."
and "received an $800,000 grant in 2010. That project has not been completed."
Prima facie evidence that they have been donating money to the Republican Party - Bad move.
Posted by: ToppaTom | March 19, 2012 at 08:39 PM