SPO Networks Inc (SPOI)

[wise2u]

Here's an interesting development in regards to our electric vehicle competition. I predict another 700 jobs lost to the Chinese within 5 years as a result of this aquisition. If we have any thoughts of turning around our growing dependency on China and OPEC, our government needs to get behind the technology development of our own natural resources and quit feeding other nations. IMO GO HLNT !!!!!



Lithium-ion battery maker A123 Systems Inc. filed for Chapter 11 bankruptcy protection today in U.S. Bankruptcy Court in Delaware and said Johnson Controls Inc. has agreed to acquire its automotive battery business.

To facilitate the purchase, JCI is providing A123 $72.5 million in post-bankruptcy financing to continue operations through the court process, the companies said in a statement. The total transaction price is $125 million, the statement said.

A123 said an earlier deal to sell an 80 percent stake in the company to China's Wanxiang Group had fallen through.

The JCI deal includes A123's two battery plants in suburban Detroit. The company employs 700 people in Michigan. Johnson Controls already operates a lithium-ion plant in Holland, Mich.

JCI also will also acquire A123's cathode powder plant in China and its stake in Shanghai Advanced Traction Battery Systems Co., a joint venture with Shanghai Automotive.



Read more: http://www.autonews.com/article/20121016/OEM10/121019885#ixzz29YpvQolh