We began our transformation by bringing together two innovative industry leaders in 2016 to form Westport Fuel Systems, the global leader in advanced clean-burning fuel systems and components.
We’re not stopping there. As CEO, a role I took on after the merger, my goal is to create a sustainable, profitable company that delivers value to customers, employees and shareholders.
We are doing this by driving cost efficiencies, rationalizing our product portfolio to focus on our most promising offerings, and advancing technologies that will make significant contributions to our long-term growth.
There are challenges, but we are meeting them head on.
In our portfolio, we are focusing on technologies where we have market leadership and the greatest competitive advantage. We will continue to make progress in selling non-core technologies.
We are solidifying our financial position by reducing expenses, improving our operating efficiencies, and strengthening our balance sheet. We have made progress on these fronts, and we look to make further strides in 2017. We expect to bring in cash from the sale of non-core assets and we are working with advisors to look at options to deal with coming debt maturities. As a shareholder, you can be assured that we will take the steps necessary to align our operating costs with revenue.
This is all about creating the foundation for more sustainable growth.
By narrowing our focus and improving our financial base, we can concentrate on growing market share for our unmatched alternative fuel technologies and bringing to market new products that can drive results for the long term. It is our knowledge, technical expertise, deep patent portfolio and OEM relationships that make Westport Fuel Systems the leader in our market.
As we think ahead to the milestones to come, we are on track to ship the first commercial Westport High Pressure Direct Injection 2.0 (Westport™ HPDI 2.0) components to our initial OEM launch partner in 2017. This is the culmination and commercialization of many years of work.
We are excited about the potential of other HPDI programs with more OEMs. OEMs see the real benefits of HPDI – matching the performance of diesel, lowering CO2 emissions, and the ability to run entirely on non-fossil fuels.
To our shareholders, I thank you for your support as we continue this transformation. By investing in Westport, you are investing in a market leader that is determined to change the way the world moves. We are doing that with our proprietary technologies that deliver the performance, fuel efficiency and environmental benefits to address the challenges of making a cleaner planet.
We have the assets we need to succeed. We have a vast intellectual property portfolio. We have customers in more than 70 countries. We have a tremendous team. And we have a powerful transformation underway.
Our momentum is building.
Solid finish to 2016 Taking action to address upcoming liquidity needs
To coincide with the disclosure, Westport Fuel Systems has also scheduled a conference call for Monday, March 27, 2017 at 2:00 pm Pacific Time (5:00 pm Eastern Time).
A Recognition of Westport's Innovative Capabilities in Sustainable Transportation Solutions
Significant market opportunity with planned expansion in Europe
Brenda Eprile becomes Chairman
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