- G-20 diplomats fell for hacker attack promising nude photos of former French first lady Carla Bruni
- Minnesota guardsman charged with stealing private soldier data for fake IDs
- Florida appeals court rules universities can’t regulate guns
- Vladimir Putin defends Russian conservative values
- Tea Party Patriots call key GOP firing a declaration of war
- 68,000 more file for unemployment — in one week
- Michigan bans in-state insurers from covering abortion
- Nancy Pelosi tells Democrats to pass budget: ‘Embrace the suck’
- Key Obamacare official: Last two months much harder than anyone hoped
- Sen. Mike Lee: We must stop ‘the prez’ from acting like the queen
Chinese firm gets U.S. OK to take over troubled high-tech battery firm
American competitor gains A123
Question of the Day
The federal government approved a deal allowing a U.S. battery maker backed with tens of millions of dollars from the federal stimulus program to be purchased by a Chinese competitor, officials announced Tuesday.
“The future is bright for A123,” he said. “It is a company with exceptional talent and potential, and Wanxiang America is committed to its long term success and the continuance of its U.S. operations.”
A spokeswoman for the committee declined to comment, noting that by law officials are barred from discussing particular transactions, including whether certain parties have filed notices for the committee to review. The committee is led by the Treasury Department but includes representatives from other agencies across the federal government.
Some Capitol Hill Republicans were quick to point out that they remain troubled by the approval of the A123 sale.
“Technology produced by A123 and funded by U.S. taxpayers should not simply be shipped off to China so that military applications for these materials can be reproduced abroad,” said Sen. John Thune, South Dakota Republican.
Sen. Chuck Grassley, Iowa Republican, said lawmakers don’t have any answers on what will happen to technology funded by U.S. taxpayers or whether U.S. national security concerns are protected.
Rep. Bill Huizenga, Michigan Republican, said taxpayers shouldn’t be funding technology that, in turn, can be used in competition against U.S. companies.
While Republicans were quick to criticize the approved sale Tuesday, the A123 project enjoyed support from both Republicans and Democrats back when the company was seeking government funding.
An Energy Department spokesman said the federal grant to the company was used for the construction of bricks-and-mortar advanced battery manufacturing facilities at two Michigan locations.
“Consistent with the intent of that investment, the purchase of these assets includes the Energy Department’s requirement that the plants and equipment partially paid for by the Recovery Act stay in Michigan and continue to operate, generating job opportunities for American workers and helping to establish a domestic manufacturing base for this growing global market,” Energy Department spokesman Bill Gibbons said Tuesday.
While Wanxiang America, which has more than 3,000 employees in the U.S., is set to buy most of A123’s assets for $256.6 million, another U.S.-based company would purchase its government contracting business, including U.S. military contracts, for $2.25 million.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
About the Author
- Stung by defeat: SEC hires trial consultants
- Solaria? Solyndra? Feds bailed on promising solar company, lawsuit says
- Last call: State Dept. bought $180,000 in liquor before shutdown
- Federal prosecutors drop charges against defendants who disappeared
- Bankrupt energy company probed
Latest Blog Entries
By Matt Kibbe
The short-term deal will assure long-term overspending
- NAPOLITANO: A conspiracy so vast
- Biden guarantees victory on immigration reform
- All-out war breaks out in GOP over budget pact
- MALCOLM/REIMER: Over-criminalization undermines respect for legal system
- Teen thugs in D.C. run wild -- even while wearing GPS ankle bracelets
- Obama takes 'selfie' at Mandela's funeral service
- Inside the Ring: China targets Global Hawk drone
- Fake interpreter at Mandela service: 'Sorry,' I have schizophrenia
- Selfie at heart of Obama fiasco to stay secret
- Creator of 'Selfies at Funerals' blog retires after Obama flub: 'Our work here is done'
Independent voices from the The Washington Times Communities
The Constitution: Every issue, every time. No exceptions, no excuses. And how to get from here to there.
Film Reviews and Articles by Kevin Williams
The world impacts us. What happens in our towns, cities, states, country and on this planet makes a difference to us.
Classical music and the performing arts: news and reviews you can use.
Extraordinary day at Redskins Park
White House pets gone wild!
Let it snow