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People & Business :: Earnings/Finance
Battery maker files for Chapter 11, plans sale of automotive assets
12:39 PM MDT | October 18, 2012 | Rebecca Coons
Lithium-ion (Li-ion) battery maker A123 Systems says it has filed for Chapter 11 bankruptcy protection and agreed to sell its automotive business assets to fund operations while it pursues "strategic alternatives" for its grid and commercial businesses. Johnson Controls will pay $125 million for A123's automotive Li-ion battery assets, which include facilities in Livonia and Romulus, Michigan; cathode-powder manufacturing facilities in China; and A123's equity interest in Shanghai Advanced Traction Battery Systems, A123's joint venture with...
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