A123 Technologies CEO Defends Chinese Financial Rescue
A123 Systems Inc.'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, has a factory in Livonia. The company 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, Mass.-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," said David Vieau, A123's president and CEO. "This is a step toward financing the company so we can continue on that mission."
|<< PREVIOUS||NEXT >>|
blog comments powered by Disqus