(
Global Times)
16:55, February 21, 2013
Last month, officials in the US gave their approval to Chinese auto parts manufacturer Wanxiang Group to buy battery maker A123 Systems.
Market watchers both within China and abroad have questioned whether Wanxiang was wasting its money by snatching up this struggling US producer of high-technology batteries. After all, just as Wanxiang's purchase was being finalized, A123 was in the process of selling off its military division to Navitas Systems, which also succeeded in nabbing some 40 of A123's top personnel.
Taking a wider view though, Wanxiang may just be continuing its well-established habit of acquiring smaller overseas manufacturers. Wanxiang now has 28 production centers in the US which employ some 6,500 people. Step by step, this ambitious company seems to be testing the waters with US officials and the public with smaller acquisitions which may smooth the way for bigger deals further down the road.
The author is Yang Guoying, a financial commentator.
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