Two Stimulus Fed Companies in Acquisition Deal
A failure for a Massuchesettes company could prove to be a windfall for a Wisconsin one. A123 Systems is an electric vehicle battery developer that received federal stimulus money and filed for bankruptcy protection from creditors Tuesday. Johnson Controls, based in Glendale, Wisconsin appears to be the highest bidder on A123's failing car battery business which ran into financial problems after an expensive battery recall. A123 has been awarded almost 250 million dollars in stimulus money, of which about half has been spent. Johnson controls is another huge stimulus recipient, getting awarded nearly three hundred million dollars, receiving about 120 million so far in order to build an advanced manufacturing facility for lithium car batteries. Johnson Controls has offered $25 million for A123's assets.