Westport Fuel Systems Inc., a global company for the engineering, manufacturing and supply of alternative fuel systems and components, and Fuel Systems Solutions, Inc. (Fuel Systems), also a global company that designs, manufactures and supplies alternative fuel components and systems for transportation and industrial applications, have completed their merger after approval from their respective shareholders. The combination creates an innovative, international entity that is expected to majorly contribute to the global expansion and uptake of natural gas fueled transportation technologies.
As previously announced, Fuel Systems shareholders will receive 2.4755 Westport common shares for each share of Fuel Systems common stock owned. Fuel Systems shares will no longer be listed on the Nasdaq Exchange or any other securities exchange.
The merged company will be named Westport Fuel Systems Inc. (Westport) and will continue to trade under the WPRT ticker symbol on the Nasdaq Exchange and the WPT ticker symbol on the Toronto Stock Exchange.
This newly combined company brings together a complementary mix of products, technology and research and development; strong customer relationships; and talented employees, becoming an even stronger, innovative, global leader in the alternative fuel, engine and vehicle sector.
“This is an exciting day as we bring together the best expertise, cutting-edge technology, innovation and leading product offerings in the natural gas industry for automotive and industrial applications,” said David Demers, CEO of Westport Fuel Systems. “In the coming months, we will relentlessly focus on creating value for our customers and shareholders by capturing cost synergies as well as leveraging our deep original equipment manufacturer (“OEM”) relationships, scale and global reach. We are excited to work together as one company to create a strong platform for growth in all of our active markets.”
Westport has additionally announced changes to its board of directors in connection with the completion of the merger. The Westport Fuel Systems nine-person board includes: Warren J. Baker (non-executive chairman), Mariano Costamagna, David R. Demers (CEO), Brenda J. Eprile, Anthony Harris, Dezso J. Horvath, Colin S. Johnston, Rodney Nunn and Peter Yu.