If anyone is wondering just how China is acquiring their technology and are able to use it to modernize their military, here is one of the best examples in the last five years. Once brought up in a previous article (see also here), here is an update on the plight of the A123 battery making company:
Washington — The Obama administration approved the sale of most of bankrupt battery maker A123 Systems’ assets to Chinese firm Wanxiang Group Corp.
The company’s U.S. subsidiary, Chicago-based Wanxiang America, said it has received approval from the Committee on Foreign Investment in the U.S. to complete its acquisition of substantially all of the non-government business assets of A123 Systems, Inc.
“We’re pleased the government has completed its review and provided us with the go-ahead to finalize this transaction,” said Pin Ni, president of Wanxiang America. “The future is bright for A123. 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. Wanxiang America looks forward to closing the transaction and to continuing to foster the technologies A123 has worked so hard to develop.”
U.S. Sens. John Thune, R-S.D., and Chuck Grassley, R-Iowa, also criticized the decision.
“Technology produced by A123 and funded by U.S. taxpayers should not simply be shipped off to China so that the military applications for these materials can be reproduced abroad, Thune said.
Grassley agreed: “We don’t have any answers on whether U.S. national security concerns are protected. The only thing that’s clear is a foreign-owned company will benefit from the millions of dollars given to A123 through the president’s stimulus package. That’s troubling.”
Full article: U.S. approves sale of fed-backed Mich. battery maker A123 to Chinese (Detroit News)