published: April 17, 2017
VANCOUVER, BC – Westport Fuel Systems Inc. (“Westport Fuel Systems”) (TSX:WPRT / Nasdaq:WPRT) today announced that it has entered into a definitive agreement to sell the assets of its Auxiliary Power Unit (“APU”) business for $70 million United States dollars, subject to certain customary adjustments. The transaction is expected to close within a few weeks. The divestiture is consistent with Westport’s strategy to streamline its business and product lines and focus on alternative fuel solutions for the transportation and automotive industries.
“We are pleased to have completed this transaction as part of our portfolio review that began with the closing of the merger with Fuel Systems in June of 2016” stated Nancy Gougarty, CEO of Westport Fuel Systems. “After a careful assessment of the APU product line and its fit with the other Westport Fuel Systems businesses, we decided it made the most sense for our shareholders to pursue this sale.”
J.P. Morgan acted as financial advisor for Westport Fuel Systems on the transaction.
At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are inventors, engineers, manufacturers and suppliers of advanced clean-burning fuel systems and components that can change the way the world moves. Our technology delivers performance, fuel efficiency and environmental benefits to address the challenges of global climate change and urban air quality. Headquartered in Vancouver, Canada, we serve our customers in more than 70 countries with leading global transportation and industrial application brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.
Sale in-line with previously announced portfolio review
Both companies are part of Westport Fuel Systems family of brands
Feature brands include BRC, Cubogas, EMER, GFI, Prins, OMVL, Valtek and Zavoli
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).
1750 West 75th Avenue, Suite 101
Vancouver, British Columbia
Canada, V6P 6G2