China's largest auto parts maker won U.S. government approval to purchase A123 Systems Inc, a maker of electric car batteries, despite warnings by some lawmakers that the deal would transfer sensitive technology developed with U.S. government money.The sale of the lithium-ion battery maker to a U.S. unit of Wanxiang Group was approved by a U.S. government committee on foreign investment, according to a statement from the Chinese company.Last month, Wanxiang's U.S. unit agreed to pay $257 million for A123's automotive battery business and related assets in a bankruptcy auction, beating U.S. rival Johnson Controls Inc of Milwaukee.But the transaction still needed approval by the Committee on Foreign Investment in the United States, a government body led by the Treasury secretary. The CFIUS approved the deal on Monday night, according to Wanxiang.
Johnson Controls, Inc. (Johnson Controls) manufactures, installs and services automatic temperature regulation systems for buildings. Shares of JCI traded higher by 0.71% or $0.22/share to $31.11. In the past year, the shares have traded as low as $23.37 and as high as $35.50. On average, 4521660 shares of JCI exchange hands on a given day and today's volume is recorded at 4212063.
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