Shares of A123 Systems, Inc.(NASDAQ:AONE) jumped another 54% to $0.19 in Monday?s session, extending its recovery to 280% from the recent low of $0.05. The automotive operations of A123 Systems, Inc.(NASDAQ:AONE) will be bought by Johnson Controls Inc. The battery maker will be acquiring not just the business assets but also the customer contacts, products and the automotive technology from the Waltham, Massachusetts based company, which specializes in making lithium-ion batteries. Has AONE Found The Bottom and Ready To Move Up? Find Out Here? The Milwaukee, Wisconsin based company will also be getting the company?s Livonia and Romulus facilities in Michigan, the china-based facilities which manufacture cathode power Shanghai Advanced Traction Battery Systems Co.?s equity interests, and the joint venture between A123 Systems and Shanghai Automotive Industry Corporation. The whole deal will cost Johnson Controls about $125 million. Petitions for reorganization under the U.S Bankruptcy Code have already been filed by the company, and its subsidiaries. The company will be receiving an additional amount of $72.5 million, to help the company on, while the sales are still going on. This will be done on the basis of Johnson Controls being a debtor in possession. Since according to the deal and the legalities, the acquisition of A123 Systems is subject to an auction which is to be supervised by the court, the Chinese company, Wanxiang Group wants to buy the business in sale. Wanxiang Group wants to place a higher bid to acquire the company but before the Chinese company puts forward the proposals, it will have to receive the approvals required for the proposals from the Chinese Government, as well as from the Committee on Foreign Investment in the U.S. it is interesting to not that A123 Systems had recently been unable to meet up to orders by Wanxiang Group, worth about $465 million, by failing to get the required permits which were a part of the order. The company had been facing a bad time due to lower number of orders from its chief client, Fisker Automotive. There was less of a demand for hybrids than has been expected, and the company was struggling with finances. However, Johnson Controls is confident about the acquisition because the company believes that alternative technologies and sources of power will soon be in great demand. The acquisition will help spruce up the company?s portfolio, and it will also help with marketing.?
Source: http://themarketsareopen.blogspot.com/2012/10/aone-a123-systems-inc-nasdaqaones-automotive.html
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