- Extra-time goal gives Germany World Cup title over Argentina
- Strong quake hits Japan, triggering tsunami
- Sniper heaven: Pentagon’s self-guided bullets leave enemies nowhere to hide
- Violent gang taking advantage of immigration crisis, using border as recruiting hub
- Medicaid enrollment continues to soar under Obamacare, administration says
- Michelle Obama to Latinos: ‘We cannot afford to wait on Congress’ for immigration
- White House urges GOP to act ‘urgently’ on $3.7 billion request for illegal immigrants
- Politicians, criminals using ‘right-to-be-forgotten’ law EU courts forced upon Google
- Combat fatigue: elite special forces troops are ‘fraying,’ Gen. Joseph Votel warns
- German foreign minister to meet Kerry to discuss spying claims
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 2014 The Washington Times, LLC. Click here for reprint permission.
About the Author
Jim McElhatton is an investigative reporter for The Washington Times. He can be reached at email@example.com.
- Darrell Issa demands action on Patent Office nepotism case
- Patent official threatened to sue IG over damning report
- EXCLUSIVE: Head of trademark office accused of nepotism
- Coburn calls hiring of embattled background check firm 'troubling'
- Purchases of Obama books wane, except at State Department
Latest Blog Entries
TWT Video Picks
By Robert N. Tracci
Congress must use its appropriations power to secure the border
- DOJ investigates Nebraska parade float critical of Obama
- A 'new Cold War': China's top paper warns of 'slippery slope' towards conflict with U.S.
- Agency scrubs Malia Obama photos at White House's request: report
- Violent gang MS-13 taking advantage of immigration crisis, using border as recruiting hub
- Emeryville, Calif., police chief: Guns aren't for defense
- CURL: The hypocrisy of Obama's 15-day Vineyard vacation
- Pentagon's self-guided bullets leave enemies nowhere to hide
- New York City creates ID card so 500K illegal immigrants can get services
- Economists see signs of another market bubble
- Islamic State leader Abu Bakr al-Baghdadi formerly a U.S. captive
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world
Fighting in Iraq
World Cup's sexiest WAGs