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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:3,949 Points:1,595,270 Joined:Aug 2005	Message Posted: Aug 18, 2012 4:48:56 PM Ignore itzagasgasgas1 Report Abuse old news
honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Aug 15, 2012 3:26:28 AM Ignore honda0105 Report Abuse Thank you for posting Gas.
sparky808 Champion Author Honolulu Posts:2,976 Points:593,835 Joined:Sep 2011	Message Posted: Aug 13, 2012 10:25:18 AM Ignore sparky808 Report Abuse Thank you for posting.
cashpayer Sophomore Author Raleigh Posts:147 Points:81,395 Joined:Feb 2012	Message Posted: Aug 12, 2012 10:20:05 PM 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 12, 2012 10:18:40 PM Ignore Tundralimited2009 Report Abuse Sounds Great
Amtrgas Champion Author Oakland Posts:2,678 Points:1,617,220 Joined:Dec 2007	Message Posted: Aug 12, 2012 10:17:49 PM 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:682 Points:522,715 Joined:Mar 2011	Message Posted: Aug 12, 2012 9:50:00 PM Ignore StanleyCup Report Abuse Nice article on more jobs being saved!
LetemEatCake Champion Author Oklahoma City Posts:5,595 Points:1,201,110 Joined:Mar 2008	Message Posted: Aug 12, 2012 9:30:00 PM Ignore LetemEatCake Report Abuse Good article GasPasserAB...thanks for posting!
MDTDriver Champion Author California Posts:9,704 Points:2,150,645 Joined:Jul 2006	Message Posted: Aug 12, 2012 9:21:08 PM 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:425,470 Joined:Oct 2008	Message Posted: Aug 12, 2012 9:17:27 PM Ignore NhCobra Report Abuse Govt needs to get out of the subsidies business.
DrLyon Champion Author Michigan Posts:6,635 Points:1,208,205 Joined:May 2006	Message Posted: Aug 12, 2012 9:16:53 PM 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:1,485,590 Joined:May 2005	Message Posted: Aug 12, 2012 9:11:56 PM Ignore big_mac64 Report Abuse maybe so..but we are mortgaging our children's future to the Chinese
rahcat Champion Author Grand Rapids Posts:2,448 Points:658,200 Joined:Jan 2010	Message Posted: Aug 12, 2012 9:11:49 PM Ignore rahcat Report Abuse They probably expect the employees to learn Chinese.
arb0526 Champion Author Greensboro Posts:1,956 Points:406,620 Joined:Mar 2011	Message Posted: Aug 12, 2012 9:11:10 PM 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:2,597 Points:545,025 Joined:Oct 2011	Message Posted: Aug 12, 2012 9:10:48 PM Ignore ratboy1968 Report Abuse ok
WebGabe Champion Author Pennsylvania Posts:2,349 Points:492,620 Joined:Jun 2007	Message Posted: Aug 12, 2012 9:10:45 PM Ignore WebGabe Report Abuse Ok.
DirtDauber Champion Author San Antonio Posts:6,761 Points:1,623,460 Joined:Nov 2005	Message Posted: Aug 12, 2012 9:09:03 PM Ignore DirtDauber Report Abuse Before yo know it they will own A123 Systems Inc.
jem069 Champion Author Detroit Posts:2,518 Points:683,080 Joined:Jan 2011	Message Posted: Aug 12, 2012 9:08:04 PM Ignore jem069 Report Abuse Ok
heartbroken2010 Champion Author Ottawa Posts:4,324 Points:893,535 Joined:Aug 2010	Message Posted: Aug 12, 2012 9:07:54 PM Ignore heartbroken2010 Report Abuse good stuff.
danreino Champion Author Twin Cities Posts:8,332 Points:1,536,730 Joined:Mar 2008	Message Posted: Aug 12, 2012 9:05:35 PM Ignore danreino Report Abuse China finally returning some of that Solyndra money given out by El Presidente.
gocatgo Champion Author South Carolina Posts:15,623 Points:2,525,580 Joined:Apr 2006	Message Posted: Aug 12, 2012 9:04:50 PM Ignore gocatgo Report Abuse This a real change of events.
ManOfLeisureII Champion Author Philadelphia Posts:1,854 Points:450,900 Joined:Jan 2012	Message Posted: Aug 12, 2012 9:04:26 PM 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 12, 2012 9:03:17 PM Ignore sneadmd Report Abuse Interesting
boatfloyd Champion Author Jacksonville Posts:1,698 Points:383,975 Joined:Mar 2012	Message Posted: Aug 12, 2012 9:02:50 PM Ignore boatfloyd Report Abuse China helps out again :).
SavALot Champion Author Virginia Beach Posts:8,451 Points:1,707,625 Joined:Apr 2005	Message Posted: Aug 12, 2012 9:02:50 PM 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 12, 2012 9:02:38 PM 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:2,672 Points:534,045 Joined:Jun 2011	Message Posted: Aug 12, 2012 9:02:23 PM Ignore PrinceLH Report Abuse Vote Republican!
joel27nc Champion Author Raleigh Posts:10,517 Points:1,854,370 Joined:Mar 2008	Message Posted: Aug 12, 2012 9:02:00 PM Ignore joel27nc Report Abuse Ironic, isn't it?
goldseeker Champion Author West Virginia Posts:19,513 Points:2,714,815 Joined:Sep 2005	Message Posted: Aug 12, 2012 9:00:27 PM Ignore goldseeker Report Abuse OK, but the jobs will still be foreign.
cwashi3324 Champion Author Cincinnati Posts:2,786 Points:570,265 Joined:May 2009	Message Posted: Aug 12, 2012 9:00:13 PM Ignore cwashi3324 Report Abuse good
Ahking Champion Author Orange County Posts:3,492 Points:600,445 Joined:May 2011	Message Posted: Aug 12, 2012 8:59:07 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 8:58:48 PM Ignore farn1958 Report Abuse Hmmm.
mstearno Champion Author Dayton Posts:8,043 Points:1,727,235 Joined:Jan 2008	Message Posted: Aug 12, 2012 8:57:23 PM Ignore mstearno Report Abuse good
abacus44 Champion Author Toms River Posts:3,460 Points:744,490 Joined:Jan 2011	Message Posted: Aug 12, 2012 8:56:49 PM Ignore abacus44 Report Abuse Another Obama loan grant to a failing company.
DandyDapple All-Star Author North Dakota Posts:715 Points:307,820 Joined:Sep 2008	Message Posted: Aug 12, 2012 8:52:40 PM Ignore DandyDapple Report Abuse ...
lovinguy71 Veteran Author Greensboro Posts:443 Points:480,715 Joined:Feb 2006	Message Posted: Aug 12, 2012 8:49:03 PM Ignore lovinguy71 Report Abuse true
dabbadu Champion Author New York Posts:1,056 Points:657,255 Joined:Feb 2011	Message Posted: Aug 12, 2012 8:48:09 PM Ignore dabbadu Report Abuse Sounds like a buyout, not a "rescue."
NemoIL Champion Author Illinois Posts:3,005 Points:1,309,220 Joined:Aug 2008	Message Posted: Aug 12, 2012 8:47:20 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 8:47:16 PM Ignore lovinguy71 Report Abuse ok
tessnlu Champion Author Missouri Posts:24,172 Points:1,103,240 Joined:Aug 2008	Message Posted: Aug 12, 2012 8:45:59 PM Ignore tessnlu Report Abuse ok
CAroadrunner101 Champion Author California Posts:1,802 Points:1,311,200 Joined:Mar 2009	Message Posted: Aug 12, 2012 8:44:15 PM Ignore CAroadrunner101 Report Abuse and...
Jmac2008 Champion Author Missouri Posts:2,254 Points:877,140 Joined:Dec 2008	Message Posted: Aug 12, 2012 8:40:55 PM Ignore Jmac2008 Report Abuse and what is next?
Blue48 Champion Author Illinois Posts:7,285 Points:1,633,945 Joined:Feb 2007	Message Posted: Aug 12, 2012 8:38:41 PM Ignore Blue48 Report Abuse I SEE RED PEOPLE!
bigdipperMS Champion Author Mississippi Posts:1,502 Points:533,975 Joined:Apr 2011	Message Posted: Aug 12, 2012 8:36:49 PM Ignore bigdipperMS Report Abuse Not good.
bigrigAZ Champion Author Phoenix Posts:1,721 Points:1,048,995 Joined:Jul 2008	Message Posted: Aug 12, 2012 8:36:45 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:1,179,620 Joined:Oct 2007	Message Posted: Aug 12, 2012 8:36:02 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:2,208 Points:869,060 Joined:Jun 2006	Message Posted: Aug 12, 2012 8:31:18 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:661,580 Joined:Dec 2009	Message Posted: Aug 12, 2012 8:31:14 PM Ignore NashGas Report Abuse Nice.
serrog Champion Author Nova Scotia Posts:5,544 Points:1,508,130 Joined:Oct 2008	Message Posted: Aug 12, 2012 8:26:41 PM Ignore serrog Report Abuse wow
skyking797 Sophomore Author Phoenix Posts:112 Points:102,345 Joined:Jun 2004	Message Posted: Aug 12, 2012 8:25:10 PM Ignore skyking797 Report Abuse It's ALL going to CHINA boys........ OUR govt has sold US out again!!!!