USA, California
Fuel Systems Solutions, Inc. (FSYS:Fuel Systems Solutions Inc) announced that it has agreed to acquire selected assets and technology for compressed natural gas (CNG) refueling products manufactured by FuelMaker Corporation, including the home refueling appliance marketed under the Phill(tm) brand. The transaction is valued at $7.0 million and is expected to close in the second quarter of 2009. “We believe FuelMaker’s unique technology, patents and certifications fit well with our turn-key refueling equipment solutions,” said Mariano Costamagna, chief executive officer of Fuel Systems Solutions. “The FuelMaker product line addresses both the consumer and commercial markets, which complements our existing refueling solutions for large fleets and gas stations.”
“We believe we have significant opportunity to deploy this technology in existing and developing markets, such as the United States, where the natural gas refueling infrastructure is limited,” said Matthew Beale, president of Fuel Systems Solutions. “We intend to leverage our global distribution network and original equipment manufacturer (OEM) relationships to further penetrate more established natural gas vehicle markets.”
MTM S.r.L., the Italian operating subsidiary of Fuel Systems Solutions, Inc., has agreed to two separate but related purchase agreements to facilitate the transaction consisting of an agreement to acquire assets from the receiver for FuelMaker Corporation, which still needs court approval, and an executed agreement to acquire assets from American Honda Motor Co., Inc.
As part of the purchase agreements, Fuel Systems Solutions has agreed to fulfill certain FuelMaker service obligations and has assumed certain outstanding purchase orders. In an additional agreement with American Honda, the company has made provisions to license technology back to American Honda under certain circumstances to support its natural gas vehicle activities. The closing of the related transactions is subject to closing conditions customary in this type of transaction.
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