Wanxiang
Wanxiang Group Corporation is a Chinese multinational conglomerate, headquartered in Hangzhou, Zhejiang province, China. Its automotive components subsidiary is the largest China-based automotive components company measured by revenues. The company was founded in 1969 by Lu Guanqiu.
History
The company was formerly known as the Ningwei Commune Agricultural Machinery Repair Factory in Xiaoshan County, Zhejiang Province, which was taken over by Lu Guanqiu and mainly produced universal joints.In 1990, it became a separately planned group in Zhejiang Province. In 1997, it became one of the 120 pilot enterprise groups of the State Council. In 1999, it was listed as one of the 520 key enterprises in the country and won the first China Industrial Award.
On December 10, 2012, Wanxiang America Corp. successfully acquired the assets of bankrupt U.S. battery manufacturer A123 Systems for nearly $260 million. On February 16, 2014, Wanxiang America Corp. successfully acquired the bankrupt assets of Fisker Automotive, a plug-in hybrid sports car manufacturer in the United States, for approximately US$149.2 million, including US$126.2 million in cash and US$8 million in assumed debt.
Subsidiaries
Wangxiang Qianchao Co., Ltd.
Wangxiang Qiaochao Co., Ltd. is a public company listed on Shenzhen Stock Exchange.A123 Systems, LLC
On October 16, 2012, A123 Systems had filed for bankruptcy protection under Chapter 11, Title 11, United States Code. Wanxiang won an auction for the bankrupt United States-based lithium-ion battery maker in December 2012 for a closing price of US$256.6 million. A123 Systems had more than 3000 employees as of that date.The Committee on Foreign Investment in the United States granted its approval, and on January 28, 2013, Wanxiang Group's Chicago-based subsidiary, Wanxiang America, purchased the preponderance of A123's assets out of bankruptcy for and organized a new company, similarly named A123Systems, LLC.