Business
Westport Fuel Systems to Sell Portion of Joint Venture Interest for Approximately $11 Million
Westport Fuel Systems to Sell Portion of Joint Venture Interest for Approximately $11 Mill...
About this update from Westport Fuel Systems, Inc.
[{"type":"text","content":"\n\n\n\nWestport Fuel Systems to Sell Portion of Joint Venture Interest for Approximately $11 Million\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nWestport Fuel Systems to Sell Portion of Joint Venture Interest for Approximately $11 Million\nCanada NewsWire\nVANCOUVER, Aug. 22, 2016\n\n\n\n~ Company remains committed to Chinese market & continues to advance Westport™ HPDI 2.0 program ~\n\n\n\nVANCOUVER, Aug. 22, 2016 /CNW/ - Westport Fuel Systems Inc. (\"Westport Fuel Systems\") (TSX:WPT / Nasdaq:WPRT) announced that it has entered into agreements to sell an 11.7% interest in the Weichai Westport Inc. (\"WWI\") joint venture for gross proceeds of 48.2 million RMB (approximately US$7.2 million) to Weichai Holding Group Co., Ltd. (\"Weichai\") and an additional undisclosed purchaser. Associated with the sale, Westport Fuel Systems will also receive a dividend payment of 23.8 million RMB (approximately US$3.5 million) from the joint venture, generating total gross proceeds of 72.0 million RMB (approximately US$10.7 million). This transaction is consistent with the company's focus on strengthening its liquidity position.  \n\nWestport Fuel Systems is pleased to support the goal of Weichai to increase its majority ownership position in WWI. Westport Fuel Systems will still hold a minority interest in WWI and remains a committed partner in the joint venture. The company continues to advance development of its High Pressure Direct Injection 2.0 (\"Westport™ HPDI 2.0\") products with WWI, with commercial launch in China planned for 2017. In addition, Westport Fuel Systems has signed a framework agreement with WWI for the supply of alternative fuel system components.\n\n\"China remains an important market for us and we are dedicated to supporting our OEM customers,\" said Nancy Gougarty, CEO of Westport Fuel Systems. \"There is increasing urgency around the globe to address urban air quality issues and natural gas fueled vehicles can play an integral role in reducing emissions. The WWI joint venture remains well positione...