Westport Fuel Systems Completes Sale of CNG Compressor Business for 12.3 Million Euro

Source Press Release
Company Snam Rete Gas 
Tags Asset Deals, Deals, Refining & Marketing Activities
Date July 25, 2018

Westport Fuel Systems Inc. (“Westport Fuel Systems”) (TSX:WPRT) (Nasdaq:WPRT) today announced that it has completed the sale of its compressed natural gas (“CNG”) compressor business to Snam S.p.A. (“Snam”), a leading European gas utility company, for total proceeds of 12.3 million Euro, net of a 500,000 Euro holdback to be released upon fulfillment of an independent audit process to be completed within 30 business days. This divestiture was initially announced by Westport Fuel Systems on May 17, 2018.

“The closing of this transaction marks another achievement in our portfolio rationalization, a strategic initiative we started two years ago following the merger with Fuel Systems Solutions to capture synergies, drive efficiencies, and strengthen our balance sheet,” said Nancy Gougarty, Chief Executive Officer of Westport Fuel Systems. “With a stronger balance sheet, a more streamlined business, and improving operational results, we believe we can build on our market-leading position in our core markets, which should drive long-term value for the company and our shareholders.”

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