Westport Innovations (Australia) Pty Ltd., a subsidiary of natural gas engines developer Westport Innovations Inc., has entered into a business sale agreement (BSA) to purchase certain assets of Advanced Engine Components Limited (AEC) of Perth, Western Australia, for AUD 1.45 million (approximately USD 1.6 million) to be paid in cash and assumed liabilities.
Upon successful completion of the transaction, Westport will acquire AEC’s Australian business assets including its intellectual property, key contracts, inventory and fixed assets. Westport will also assume AEC’s Australian leased facility and take on approximately 11 of AEC’s employees.
Advanced Engine Components Limited is a publicly listed Australian company specializing in research, development and production of patented electronic fuel injection and engine management technologies that enable vehicle engines to run on natural gas. AEC’s engine component products are aimed at optimizing engine performance while lowering vehicle emissions and costs.
Original equipment manufacturers (OEMs) that currently use AEC products include Tata Motors Limited.
Closing of the transaction is expected on or before March 31, 2012 and is subject to a number of closing conditions customary for transactions of this nature.
(This article compiled using information from a Westport Innovations, Inc. press release)