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You are here News Economy Chinese firm wins A123 despite U.S. tech transfer fears

Chinese firm wins A123 despite U.S. tech transfer fears

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Chinese buy A123China's largest auto parts maker won U.S. government approval to buy A123 Systems Inc (AONEQ.PK), a maker of electric car batteries, despite warnings by some lawmakers that the deal would transfer sensitive technology developed with U.S. government money.

The sale of the lithium-ion battery maker to a U.S. unit of Wanxiang Group was approved by a U.S. government committee on foreign investment, according to a statement from the Chinese company.

Last month, Wanxiang's U.S. agreed to pay $257 million for A123's automotive battery business and related assets in a bankruptcy auction, beating out U.S. rival Johnson Controls Inc (JCI.N) of Milwaukee.

But the transaction still needed approval by the Committee on Foreign Investment in the United States, a government body led by the Treasury secretary. The CFIUS approved the deal on Monday night, according to Wanxiang.

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