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Chinese Rescue of Battery Maker Saves U.S. Jobs, CEO Says

Bloomberg -- A123 Systems Inc. (AONE)’s chief executive officer said the company’s financial rescue by China’s largest auto-parts maker will preserve U.S. jobs, after the agreement drew criticism from congressional Republicans.

A123, a maker of lithium-ion batteries for electric cars, may get financing worth as much as $450 million from Wanxiang Group Corp. The deal that may give Wanxiang an 80 percent stake in Waltham, Massachusetts-based A123, recipient of a $249 million federal grant for U.S. factory construction, is opposed by Representative Cliff Stearns, a Florida Republican.

The federal funds “can only be used for building factories in North America and the creation of jobs, and that’s what’s been done,” David Vieau, A123’s president and CEO, said in a telephone interview yesterday.

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Submitted Aug 12, 2012 By: GasPasserAB

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itzagasgasgas1 Champion Author Cincinnati Posts:3,984 Points:1,602,195 Joined:Aug 2005	Message Posted: Aug 18, 2012 7:48:56 PM Ignore itzagasgasgas1 Report Abuse old news
honda0105 Champion Author Tallahassee Posts:18,650 Points:1,612,445 Joined:Nov 2008	Message Posted: Aug 15, 2012 6:26:28 AM Ignore honda0105 Report Abuse Thank you for posting Gas.
sparky808 Champion Author Honolulu Posts:3,013 Points:600,660 Joined:Sep 2011	Message Posted: Aug 13, 2012 1:25:18 PM Ignore sparky808 Report Abuse Thank you for posting.
cashpayer Sophomore Author Raleigh Posts:147 Points:81,395 Joined:Feb 2012	Message Posted: Aug 13, 2012 1:20:05 AM Ignore cashpayer Report Abuse Well, hey, all our US companies have moved overseas. If the Chinese can help with US jobs why not? Of course, Republicans don't want job growth. Right now that is the last thing they want. It might make some people think Obama is doing something right.
Tundralimited2009 Champion Author Dallas Posts:38,812 Points:1,447,425 Joined:Feb 2009	Message Posted: Aug 13, 2012 1:18:40 AM Ignore Tundralimited2009 Report Abuse Sounds Great
Amtrgas Champion Author Oakland Posts:2,678 Points:1,623,445 Joined:Dec 2007	Message Posted: Aug 13, 2012 1:17:49 AM Ignore Amtrgas Report Abuse Always good to create or save jobs in the United States. It makes up for all the jobs that have been lost.
StanleyCup All-Star Author Chicago Posts:685 Points:528,075 Joined:Mar 2011	Message Posted: Aug 13, 2012 12:50:00 AM Ignore StanleyCup Report Abuse Nice article on more jobs being saved!
LetemEatCake Champion Author Oklahoma City Posts:5,615 Points:1,207,555 Joined:Mar 2008	Message Posted: Aug 13, 2012 12:30:00 AM Ignore LetemEatCake Report Abuse Good article GasPasserAB...thanks for posting!
MDTDriver Champion Author California Posts:9,739 Points:2,157,570 Joined:Jul 2006	Message Posted: Aug 13, 2012 12:21:08 AM Ignore MDTDriver Report Abuse USA name is going down the drain and will be owned by another country soon!
NhCobra Sophomore Author New Hampshire Posts:109 Points:431,470 Joined:Oct 2008	Message Posted: Aug 13, 2012 12:17:27 AM Ignore NhCobra Report Abuse Govt needs to get out of the subsidies business.
DrLyon Champion Author Michigan Posts:6,660 Points:1,214,530 Joined:May 2006	Message Posted: Aug 13, 2012 12:16:53 AM Ignore DrLyon Report Abuse It's a world economy... Let's just get our business going... Compete more in the world trade...
big_mac64 Champion Author Tennessee Posts:10,593 Points:1,485,690 Joined:May 2005	Message Posted: Aug 13, 2012 12:11:56 AM Ignore big_mac64 Report Abuse maybe so..but we are mortgaging our children's future to the Chinese
rahcat Champion Author Grand Rapids Posts:2,483 Points:665,125 Joined:Jan 2010	Message Posted: Aug 13, 2012 12:11:49 AM Ignore rahcat Report Abuse They probably expect the employees to learn Chinese.
arb0526 Champion Author Greensboro Posts:1,991 Points:413,545 Joined:Mar 2011	Message Posted: Aug 13, 2012 12:11:10 AM Ignore arb0526 Report Abuse I don't like it one bit. Why is it legal for companies / people from other countries buying land/ companies here in America and other countries expressly prohibit Americans from doing the same in their country? [Edited by: arb0526 at 8/13/2012 12:12:20 AM EST]
ratboy1968 Champion Author Montreal Posts:2,627 Points:551,725 Joined:Oct 2011	Message Posted: Aug 13, 2012 12:10:48 AM Ignore ratboy1968 Report Abuse ok
WebGabe Champion Author Pennsylvania Posts:2,384 Points:499,545 Joined:Jun 2007	Message Posted: Aug 13, 2012 12:10:45 AM Ignore WebGabe Report Abuse Ok.
DirtDauber Champion Author San Antonio Posts:6,796 Points:1,630,385 Joined:Nov 2005	Message Posted: Aug 13, 2012 12:09:03 AM Ignore DirtDauber Report Abuse Before yo know it they will own A123 Systems Inc.
jem069 Champion Author Detroit Posts:2,553 Points:690,005 Joined:Jan 2011	Message Posted: Aug 13, 2012 12:08:04 AM Ignore jem069 Report Abuse Ok
heartbroken2010 Champion Author Ottawa Posts:4,359 Points:900,460 Joined:Aug 2010	Message Posted: Aug 13, 2012 12:07:54 AM Ignore heartbroken2010 Report Abuse good stuff.
danreino Champion Author Twin Cities Posts:8,363 Points:1,542,680 Joined:Mar 2008	Message Posted: Aug 13, 2012 12:05:35 AM Ignore danreino Report Abuse China finally returning some of that Solyndra money given out by El Presidente.
gocatgo Champion Author South Carolina Posts:15,670 Points:2,532,425 Joined:Apr 2006	Message Posted: Aug 13, 2012 12:04:50 AM Ignore gocatgo Report Abuse This a real change of events.
ManOfLeisureII Champion Author Philadelphia Posts:1,889 Points:456,325 Joined:Jan 2012	Message Posted: Aug 13, 2012 12:04:26 AM Ignore ManOfLeisureII Report Abuse Keep up the deficit spending and China will own all of us.
sneadmd Sophomore Author Dayton Posts:217 Points:221,975 Joined:Feb 2012	Message Posted: Aug 13, 2012 12:03:17 AM Ignore sneadmd Report Abuse Interesting
boatfloyd Champion Author Jacksonville Posts:1,733 Points:390,900 Joined:Mar 2012	Message Posted: Aug 13, 2012 12:02:50 AM Ignore boatfloyd Report Abuse China helps out again :).
SavALot Champion Author Virginia Beach Posts:8,484 Points:1,714,535 Joined:Apr 2005	Message Posted: Aug 13, 2012 12:02:50 AM Ignore SavALot Report Abuse China to the rescue? Not too common at all
gaswatchON Veteran Author Ontario Posts:463 Points:118,405 Joined:May 2012	Message Posted: Aug 13, 2012 12:02:38 AM Ignore gaswatchON Report Abuse The federal funds “can only be used for building factories in North America That's the way it should be
PrinceLH Champion Author Ontario Posts:2,707 Points:540,970 Joined:Jun 2011	Message Posted: Aug 13, 2012 12:02:23 AM Ignore PrinceLH Report Abuse Vote Republican!
joel27nc Champion Author Raleigh Posts:10,552 Points:1,861,295 Joined:Mar 2008	Message Posted: Aug 13, 2012 12:02:00 AM Ignore joel27nc Report Abuse Ironic, isn't it?
goldseeker Champion Author West Virginia Posts:19,573 Points:2,721,740 Joined:Sep 2005	Message Posted: Aug 13, 2012 12:00:27 AM Ignore goldseeker Report Abuse OK, but the jobs will still be foreign.
cwashi3324 Champion Author Cincinnati Posts:2,812 Points:575,240 Joined:May 2009	Message Posted: Aug 13, 2012 12:00:13 AM Ignore cwashi3324 Report Abuse good
Ahking Champion Author Orange County Posts:3,517 Points:605,400 Joined:May 2011	Message Posted: Aug 12, 2012 11:59:07 PM Ignore Ahking Report Abuse I rather this be kept within our country.
farn1958 All-Star Author Twin Cities Posts:886 Points:183,385 Joined:Feb 2011	Message Posted: Aug 12, 2012 11:58:48 PM Ignore farn1958 Report Abuse Hmmm.
mstearno Champion Author Dayton Posts:8,080 Points:1,734,140 Joined:Jan 2008	Message Posted: Aug 12, 2012 11:57:23 PM Ignore mstearno Report Abuse good
abacus44 Champion Author Toms River Posts:3,493 Points:750,625 Joined:Jan 2011	Message Posted: Aug 12, 2012 11:56:49 PM Ignore abacus44 Report Abuse Another Obama loan grant to a failing company.
DandyDapple All-Star Author North Dakota Posts:715 Points:313,070 Joined:Sep 2008	Message Posted: Aug 12, 2012 11:52:40 PM Ignore DandyDapple Report Abuse ...
lovinguy71 Veteran Author Greensboro Posts:443 Points:480,715 Joined:Feb 2006	Message Posted: Aug 12, 2012 11:49:03 PM Ignore lovinguy71 Report Abuse true
dabbadu Champion Author New York Posts:1,056 Points:662,505 Joined:Feb 2011	Message Posted: Aug 12, 2012 11:48:09 PM Ignore dabbadu Report Abuse Sounds like a buyout, not a "rescue."
NemoIL Champion Author Illinois Posts:3,035 Points:1,315,170 Joined:Aug 2008	Message Posted: Aug 12, 2012 11:47:20 PM Ignore NemoIL Report Abuse At least our tax dollars are not proping up a failing business
lovinguy71 Veteran Author Greensboro Posts:443 Points:480,715 Joined:Feb 2006	Message Posted: Aug 12, 2012 11:47:16 PM Ignore lovinguy71 Report Abuse ok
tessnlu Champion Author Missouri Posts:24,279 Points:1,110,165 Joined:Aug 2008	Message Posted: Aug 12, 2012 11:45:59 PM Ignore tessnlu Report Abuse ok
CAroadrunner101 Champion Author California Posts:1,837 Points:1,318,125 Joined:Mar 2009	Message Posted: Aug 12, 2012 11:44:15 PM Ignore CAroadrunner101 Report Abuse and...
Jmac2008 Champion Author Missouri Posts:2,289 Points:884,065 Joined:Dec 2008	Message Posted: Aug 12, 2012 11:40:55 PM Ignore Jmac2008 Report Abuse and what is next?
Blue48 Champion Author Illinois Posts:7,320 Points:1,640,870 Joined:Feb 2007	Message Posted: Aug 12, 2012 11:38:41 PM Ignore Blue48 Report Abuse I SEE RED PEOPLE!
bigdipperMS Champion Author Mississippi Posts:1,526 Points:539,680 Joined:Apr 2011	Message Posted: Aug 12, 2012 11:36:49 PM Ignore bigdipperMS Report Abuse Not good.
bigrigAZ Champion Author Phoenix Posts:1,747 Points:1,055,615 Joined:Jul 2008	Message Posted: Aug 12, 2012 11:36:45 PM Ignore bigrigAZ Report Abuse Not if it is like any of the rest of the stuff that comes from China. China's not going to do anything unless they make out on any deal.
FuelOilOH Champion Author Cleveland Posts:2,837 Points:1,180,220 Joined:Oct 2007	Message Posted: Aug 12, 2012 11:36:02 PM Ignore FuelOilOH Report Abuse I already eat rice but I don't think I could stomach some of the other things they eat. Tell me they won't take over America in the next 5 years.
suzmar Champion Author Texas Posts:2,213 Points:874,085 Joined:Jun 2006	Message Posted: Aug 12, 2012 11:31:18 PM Ignore suzmar Report Abuse I'll bet the U.S. taxpayer manages to lose money on the deal.
NashGas Champion Author Nashville Posts:3,089 Points:664,680 Joined:Dec 2009	Message Posted: Aug 12, 2012 11:31:14 PM Ignore NashGas Report Abuse Nice.
serrog Champion Author Nova Scotia Posts:5,579 Points:1,515,055 Joined:Oct 2008	Message Posted: Aug 12, 2012 11:26:41 PM Ignore serrog Report Abuse wow
skyking797 Sophomore Author Phoenix Posts:112 Points:102,445 Joined:Jun 2004	Message Posted: Aug 12, 2012 11:25:10 PM Ignore skyking797 Report Abuse It's ALL going to CHINA boys........ OUR govt has sold US out again!!!!