Arab Today, arab today wanxiang close to purchase us battery maker
Last Updated : GMT 21:54:28
Arab Today, arab today
Arab Today, arab today

Wanxiang close to purchase US battery maker

Arab Today, arab today

Arab Today, arab today Wanxiang close to purchase US battery maker

Chicago - XINHUA

Wanxiang Group, a Chinese auto parts maker, is one step from closing a 256-million-dollar deal of purchasing commercial assets of a US advanced battery maker A123 Systems, which went bankruptcy in October. Delaware Bankruptcy Court Judge Kevin Carey on December 11 approved Wangxiang's purchase, which was made through an auction held in Chicago on December 6 and 7. Wanxiang won the bid over three other American companies. The deal excluded A123's contract with U.S. military and government, as some U.S. military leaders and politicians worry that sensitive technology will slip from the U.S. into foreign hands. To finish the deal, Wanxiang needs the approval of the Committee on Foreign Investment in the U.S. (CFIUS), a group of government agencies chaired by the U.S. Treasury Department, according to Pin Ni, who has been the head of Wanxiang's U.S. subsidiary since 1994. Though some might use national security concerns as an excuse to sabotage the purchase, Ni told Xinhua he was confident of the fundamental administration management system of the U.S. "CFIUS's approval of Wanxiang's purchase of A123 will be a matter of process to follow," said Ni."What needs most between China and the U.S. is transparency, and what lacks most between the two countries is also transparency." Wanxiang made its name known as an auto parts maker and supplier. One in three vehicles produced in the U.S. in 2010 were equipped with Wanxiang parts, data show. In 2002, Wanxiang entered photovoltaic industry, kicking off its transition from traditional industry to new energy industry. In 2012 alone, Wanxiang America Corporation invested in six clean energy projects in the U.S. When Ni first took office 18 years ago, Wanxiang has just expanded its business into the U.S. In less than two decades, sales volume of the company has grown from 3.5 million dollars in 1995 to 2 billion dollars in 2010. Wanxiang America Corporation now runs 23 factories in the U.S., hiring over 6,000 employees.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today wanxiang close to purchase us battery maker Arab Today, arab today wanxiang close to purchase us battery maker

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 16:32 2017 Wednesday ,22 February

US Treasury chief tells IMF to monitor currencies

GMT 16:08 2017 Wednesday ,22 February

Qatari banks merger to rebalance financial sector

GMT 05:57 2017 Wednesday ,22 February

Britain risks clash with EU over RBS bailout

GMT 05:26 2017 Wednesday ,22 February

Singapore carbon tax would hit refiners, help renewables

GMT 05:18 2017 Wednesday ,22 February

Chinese PM: US should avoid ‘trade war,’

GMT 20:59 2017 Tuesday ,21 February

Economy good, but homes in German cities overpriced

GMT 05:29 2017 Tuesday ,21 February

Sovereign funds pulled $38bn from markets in 2016
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday