Wanxiang
 | |
| Industry | Automotive |
|---|---|
| Founded | 1969 |
| Founder(s) | Lu Guanqiu |
| Headquarters | Hangzhou, China |
| Area served | Worldwide |
| Key people |
Mr. Weiding Lu (Chief Executive Officer) Pin Ni (President) Lu Guanqiu (Chairman) |
| Products | Automotive components |
| Subsidiaries | Wanxiang America Inc. |
| Website | www.wanxiang.com.cn (Chinese) |
Wanxiang Group Corporation (Chinese: 万向集团) is a Chinese multinational automotive components manufacturing company headquartered in Hangzhou, China. It is the largest China-based automotive components company measured by revenues.[1]
A123Systems, LLC
Wanxiang won an auction for the bankrupt United States-based lithium-ion battery maker A123 Systems[2] in December 2012, for a closing price of US$256.6 million.[3] A123 Systems had more than 3000 employees as of December 2012.[3] The Committee on Foreign Investment in the United States (CFIUS) granted its approval[2] for the transaction on 30 January 2013.[4]
On October 16, 2012, A123 Systems had filed for bankruptcy protection under Chapter 11, Title 11, United States Code. On January 28, 2013, Wanxiang Group's Chicago-based subsidiary, Wanxiang America[3] purchased the preponderance of A123's assets out of bankruptcy for US$256.6 million and organized a new company, similarly-named A123Systems, LLC.[2]
See also
References
- ↑ "Chinese Firm Purchases U.S. Maker of Batteries". The New York Times. 30 January 2013. Retrieved 31 January 2013.
- ↑ 2.0 2.1 2.2 Vlasic, Bill (May 14, 2013). "Chinese Creating New Auto Niche Within Detroit". New York Times. pp. 5/13/13 N.Y. Times A1. Retrieved 2013-05-14.
- ↑ 3.0 3.1 3.2 "China's Wanxiang wins auction for A123". CNN Money. 10 December 2012. Retrieved 31 January 2013.
- ↑ "China's Wanxiang wins approval to buy US battery maker". BBC News. 30 January 2013. Retrieved 31 January 2013.
External links
- Wanxiang official website (Chinese)
- Wanxiang America, official website
