~Sale in-line with previously announced portfolio
review~
VANCOUVER, April 17, 2017 /PRNewswire/ - 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.
About Westport Fuel Systems
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.
SOURCE Westport Fuel Systems Inc.