Johnson Controls Snags A123 Systems' Assets for US$125 Million as Battery Maker Files Chapter 11

摘要

Johnson Controls will buy the assets of A123 Systems, a developer and manufacturer of advanced lithium-ion batteries and energy storage systems for transportation, electric grid and commercial use, for US$125 million, the companies announced October 16. To facilitate the sale, A123 and its U.S. subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code on October 16. Johnson Controls will acquire A123's automotive business assets, including its technology, products and customer contracts; facilities in Livonia and Romulus, Mich.; cathode powder manufacturing facilities in China; and A123's equity interest in Shanghai Advanced Traction Battery Systems Co., according to a company release.