Fuel Systems Solutions, Inc. (FSYS), through its wholly owned subsidiary IMPCO Technologies, Inc. (IMPCO), and Alternative Fuel Systems (2004) Inc. (AFS) has agreed that IMPCO offer to acquire all of the outstanding common shares of AFS. The transaction is valued at approximately CAD 9.4 million (USD 9.78 million). AFS, based in Calgary, is a developer and manufacturer of natural gas vehicle engine controllers and associated components. The AFS Board has recommended shareholders accept the offer.
Parent company FSYS manufactures alt-fuel componentry for use in transportation and industrial applications.
Matthew Beale, Fuel Systems’ Co-President and Head of IMPCO Operations, said, “The acquisition of AFS will expand our technology platform and enhance our ability to address the high-growth commercial vehicle and stationary engine markets in Asia. Having partnered with AFS in the past, we have grown to admire their capabilities and perceive a strong cultural fit with our organization.”
This article compiled using information from a Fuel Systems Solutions press release.