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Westport Fuel Systems Closes the Second Divestiture Action of the Industrial Group for $17.5 Million USD
Westport Fuel Systems Closes the Second Divestiture Action of the Industrial Group for $17...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n\n\n\nWestport Fuel Systems Closes the Second Divestiture Action of the Industrial Group for $17.5 Million USD\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 1, 2017\n\n\n\nVANCOUVER, June 1, 2017 /CNW/ - Westport Fuel Systems Inc. (\"Westport Fuel Systems\") (TSX:WPRT / Nasdaq:WPRT) today announced the closing of the sale of assets related to its Impco Industrial Mobile and Stationary Equipment business for a total of $17.5 million US dollars. Net proceeds to the company at closing were approximately $15 million US dollars, after adjusting for estimated net working capital, transaction costs, hold back amounts and other deal related expenses.\n\n\"We are pleased to have completed another transaction as part of our portfolio review that began with the closing of the merger with Fuel Systems in June of 2016. This transaction will further strengthen our balance sheet and focus our activities,\" stated Nancy Gougarty, Chief Executive Officer of Westport Fuel Systems. \"By exiting our industrial business, we will concentrate on growing market share for our alternative fuel solutions in the automotive and transportation sectors.\"\n\nJ.P. Morgan acted as financial advisor for Westport Fuel Systems on the transaction.\n\nAbout Westport Fuel SystemsAt 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 brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.\n\nThis press release contains forward-looking statements, including statements regarding the timing for and ability to complete the referenced asset sales. These statements are neither promises nor gu...