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Topic - Wanxiang America Corp.
Milwaukee-based Johnson Controls recently lost out to a Chinese competitor in its bid for bankrupt high-tech battery-maker A123 Systems, but creditors are still demanding details about whether a secret Johnson-led lobbying campaign took place behind the scenes in Washington aimed at derailing the sale.
The prospect of Massachusetts-based high-tech battery-maker A123 Systems landing in the hands of a Chinese competitor has angered some lawmakers, but a group of highly paid lawyers — including a former Senate staffer who earned more than $1,000 per-hour — kept the sale from falling apart amid mounting criticism on Capitol Hill.
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.
Lobbyists are swarming on both sides of the pending sale of a U.S. battery-maker backed by more than $100 million in federal grants that soon could be in the hands of a Chinese competitor.
Creditors of a bankrupt U.S. battery maker that went broke after winning a multimillion-dollar federal grant want permission to hire a lobbying firm to keep the proposed sale of the company to a Chinese competitor on track.