The battery maker A123 Systems Inc. says it plans to hire up to 400 new workers in the coming months for its manufacturing plants in Livonia and Romulus – US.
The Waltham, Mass.-based lithium-ion battery manufacturer said Tuesday that it needs the workers to “ramp up production and satisfy demand” for its power-grid and commercial transportation businesses.
Interesting is that the hiring announcement comes after the US company has hit financial problems.
In March, A123 said it would spend about $55 million to replace defective battery packs in five battery packages that were assembled at its 291,000-square-foot lithium-ion battery plant in Livonia, the Detroit News reports.
A123 ended last quarter, which ended March 31, with a $125 million loss. To stop the bleeding, last month, the company raised $50 million in senior unsecured convertible notes and warrants from institutional buyers.
However, A123 said in a filing with the U.S. Securities and Exchange Commission that it has “substantial doubt on the company’s ability to continue as a going concern” without additional funding.
The Detroit News said the company now employs about 780 employees in Michigan and the new hiring would bring its workforce in the state back to the level it had before layoffs in late 2011.