Westport Fuel Systems Inc. has 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.
Net proceeds to the company at closing were approximately $15 million, after adjusting for estimated net working capital, transaction costs, hold back amounts and other deal-related expenses.
“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,” says Nancy Gougarty, CEO 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,” she says.
J.P. Morgan acted as financial advisor for Westport Fuel Systems on the transaction.