TV News LIES

Tuesday, Jul 22nd

Last update08:41:01 PM GMT

You are here News Economy Chinese firm wins A123 despite U.S. tech transfer fears

Chinese firm wins A123 despite U.S. tech transfer fears

E-mail Print PDF

Chinese buy A123China's largest auto parts maker won U.S. government approval to buy A123 Systems Inc (AONEQ.PK), a maker of electric car batteries, despite warnings by some lawmakers that the deal would transfer sensitive technology developed with U.S. government money.

The sale of the lithium-ion battery maker to a U.S. unit of Wanxiang Group was approved by a U.S. government committee on foreign investment, according to a statement from the Chinese company.

Last month, Wanxiang's U.S. agreed to pay $257 million for A123's automotive battery business and related assets in a bankruptcy auction, beating out U.S. rival Johnson Controls Inc (JCI.N) of Milwaukee.

But the transaction still needed approval by the Committee on Foreign Investment in the United States, a government body led by the Treasury secretary. The CFIUS approved the deal on Monday night, according to Wanxiang.

More...


Most Recent Related Stories...


Bond trader could face nine years in prison in rare criminal prosecution

Blond trader to faced jail timeJesse Litvak was ecstatic.  It was March 31, 2010, and the mortgage bond trader at Jefferies...

This Nonexistent Social Network With No Revenues and No Assets Is Worth $4 Billion

Nonexistent tech companyIf you thought the potato-salad Kickstarter story was a crazy example of free markets run amok,...

Microsoft to cut 18,000 jobs this year as it trims Nokia

MicrosoftMicrosoft Corp said on Thursday it will slash up to 18,000 jobs, or 14 percent of...

Citigroup may pay $7 billion to resolve U.S. mortgage probes

CitigroupCitigroup Inc is close to paying about $7 billion to resolve a U.S. probe into whether...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!