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Two Stimulus Fed Companies in Acquisition Deal
A failure for a Massuchesettes company could prove
to be a windfall
for a Wisconsin one. A123 Systems is an
electric vehicle battery developer that received federal stimulus money and
filed for bankruptcy protection from creditors Tuesday. Johnson Controls,
based in Glendale, Wisconsin appears to be the highest bidder on A123's failing
car battery business which ran into financial problems after an
expensive battery recall. A123 has been awarded almost
250 million dollars in stimulus money, of which about half has been spent.
Johnson controls is another huge stimulus recipient, getting awarded nearly
three hundred million dollars, receiving about 120 million so far in order to
build an advanced manufacturing facility for lithium car batteries.
Johnson Controls has offered $25 million for A123's assets.


