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China's Wanxiang expected to buy lithium-ion battery company
WALTHAM, MASS. (Dec. 10, 11:45 a.m. ET) — China’s Wanxiang Group Corp. is expected to take over lithium-ion battery company A123 Systems Inc. now that Johnson Controls Inc. has backed out of a competing offer to buy the firm’s assets in a bankruptcy auction. Lithium-ion batteries use a polymer film at the core of every cell, and also use plastics extensively in structural parts, cooling systems and electrical connections.