Westport Fuel To Divest CNG Compressor Business For EUR 12.5M
Zacks Investment Research | May 21, 2018 08:30AM ET
Westport Fuel Systems Inc. (NASDAQ:WPRT) has entered into an agreement to sell its Cherasco, Italy-based compressed natural gas (“CNG”) compressor business to Snam S.p.A. (“Snam”). Subject to closing conditions, the divestment is anticipated to close by the end of July for a cash price of €12.5 million. Snam is one of the leading gas-utility companies in Europe.
The divestiture will help Westport Fuel to streamline its product offerings and focus more on providing alternative-fuel vehicle components and systems to the transportation sector.
Per management, the sale of the business will enable the company to concentrate on growing its core business and offer innovative products in the market for alternative-fuel solutions. Moreover, the divestment will strengthen its balance sheet.
Westport Fuel Systems Inc. Price and Consensus
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