A123 expects assets sales to Wanxiang and Navitas to close by 1 Feb
19 January 2013
A123 Systems expects that the agreements for the purchases of its assets by Wanxiang America Corporation and Navitas Systems LLC to close, pursuant to the terms set forth in the agreements, by 1 February 2013. (Earlier post.)
In a short statement, the company said that it continues to work with Wanxiang and Navitas to prepare for the closing of the transactions.
According to the terms of the agreements, Wanxiang will acquire A123’s automotive, grid and commercial business assets, including all technology, products, customer contracts and US facilities in Michigan, Massachusetts and Missouri; its cathode powder manufacturing operations in China; and its equity interest in Shanghai Advanced Traction Battery Systems Co., A123’s joint venture with Shanghai Automotive.
Excluded from the asset purchase agreement with Wanxiang is A123’s Ann Arbor, Mich.-based government business, including all US military contracts, which would be acquired for $2.25 million by Navitas Systems, a Woodridge, Ill.-based provider of energy-enabled system solutions and energy storage products for commercial, industrial and government agency customers.
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