Arab Today, arab today green company gets 390 million lays off 125
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Arab Today, arab today
Arab Today, arab today

Green company gets $390 million, lays off 125

Arab Today, arab today

Arab Today, arab today Green company gets $390 million, lays off 125

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A123 Systems, an electric car battery company once touted as a stimulus “success story” by former Gov. Jennifer Granhom, D-Mich, has laid off 125 employees since receiving $390 million in government subsidies — but is still handing out big pay raises to company executives. “The company has laid off 125 employees and had a net loss of $172 million through the first three quarters of 2011,” the Mackinac Center for Public Policy reports, observing that the company’s primary customer, Fisker Automotive, is also struggling financially. “Yet, this month A123’s Compensation Committee approved a $30,000 raise for [Chief Financial Officer David] Prystash just days after Fisker Automotive announced the U.S. Energy Department had cut off what was left of its $528.7 million loan it had previously received.”

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